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Portability Election - 12/31/2014 Deadline

There is an automatic extension until December 31, 2014 for any estate occurring in 2012 or 2013 to make a late portability election.  Portability allows a spouse’s unused lifetime exemption to be transferred to the surviving spouse to increase the surviving spouse’s lifetime exemption.  Form 706 is required to be filed even if no estate tax is owed to make this election.

Contact us with any questions whether you should consider making this one time election to potentially save tax in the future.