The Internal Revenue Service has issued new rules dealing with estate and gift tax regulations. The new rules will provide more guidance to taxpayers who are seeking portability elections. With these elections lifetime exclusions could be carried over to a second spouse if the first spouse dies. A person would need to file a formal private letter ruling request with the IRS to get permission to waive the missed election that would have had to have been filed when the first spouse passed away.
See Steven R. Schneider, Estate Tax Regulations Allow Taxpayers To Request Late Portability Relief, Goulston & Storrs PC, June 18, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
