The current federal estate and gift tax exclusion amount for the year 2015 is $5.43 million. This column discusses how a surviving spouse can retain the right to the portability of an unused estate tax even if they remarry so long as the second spouse does not also predecease the first spouse. Generation skipping transfer taxes involve grandparents leaving money to their grandchildren so the idea and principles of estate tax portability do not apply. Back in July, 2015, the Internal Revenue Service (IRS) has announced new rules concerning the carry over or portability of unused estate or tax exclusions. Surviving spouses will be permitted to refile their estate tax returns to apply for the tax exclusion transfer. Estates that are below the exclusion are treated differently from estates that are above the exclusion.
See Estate Tax Carryover For Surviving Spouse, Wealth Management, December 2, 2015.
