The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years. Read on to learn more.
- Do You Need a Pour Over Will? - June 8, 2023
- Why a Family Caregiver May Not Be the Best Choice - June 6, 2023
- What Might Be Missing from Your Estate Plan? - March 7, 2023