CLE on Portability of the Estate Tax Exemption
The Illinois State Bar Association is offering a one MCLEhour teleseminar entitled, Portability of the Estate Tax Exemption: Planning,Compliance and Drafting Issues – A National Perspective, on Tuesday, July 2,2013 from 12:00 – 1:00 pm. Provided belowis a description of the event:
“Portability” is a relatively new concept inestate planning. Introduced in 2012 for a two-year period, portability allows aspouse to transfer – or make “portable” – the unused portion of his or herlifetime gift tax exclusion to the other spouse. Though it had greatpotential to lower taxes and achieve other goals, estate planners were reluctantto recommend its use because it was set to expire in 2012. But therecently enacted “Fiscal Cliff” law makes portability permanent, opening newopportunities for its use and calling into question the utility of creditshelter and bypass trusts. This program will provide you with a guide tounderstanding portability, real-world planning opportunities with it, and howits use will impact the use of credit shelter and other types of trusts.
Highlights:
- Understandingportability – what is it and how it alters current practice
- Mechanicsof properly electing portability – timing, process, traps
- Specialissues related to portability and second marriages
- Integratingportability into a client’s overall estate and trust plans
- Thelimitations and risks of portability
- How portability impacts credit shelter andbypass trusts