Mathematics of Portability: Wealthy Clients: Tax Issues, Portability & taking advantage of the increased exemptions, and other crucial estate document provisions to ensure optimum planning for high net worth clients.
For purposes of federal estate and gift taxes, a portability election allows a DSUE ("deceased spousal unused exclusion") amount to become available for application to the surviving spouse's subsequent transfers during life or at death.
In today’s climate of political and tax policy uncertainty all of us will need to file more 706s in case the estate and gift exemption sunsets or returns to $3,500,000. Knowing how and when to file for portability is a skill set required of all planners. Portability also allows for a better income tax result for both IRAs and property that will receive a step-up in basis.
Further, the has IRS issued numerous private letter rulings granting an extension of time to elect portability when the decedent's estate was not required to file an estate tax return. On June 9th 2017, the IRS issued Revenue Procedure 2017-34 which describes the "simplified procedures" for estates requesting an extension of time to make a portability election. The simplified method can be used instead of the letter ruling process, and best of all, no user fees are required for submissions filed in accordance with the Revenue Procedure.
There' no better time than the present for advisors to refresh their understanding of the portability election and the new simplified procedures. To do that, be sure to join Bob Keebler in this 90 minute LISI webinar.
During his webinar, Bob will cover the following topics:
. Knowing when and when not to file for portability;
· Understanding the relief provided in Rev Proc 2017-34 and why this procedure is helpful;
· Who cannot use the new procedure;
· The two year portability rule;
· Obtaining estate tax refunds after portability filings;
· The mathematics of portability in depth;
· Portability for large and small IRAs;
. Portability versus the Bypass Trust after the Secure bill;
· Portability in second marriages and premarital agreements;
· Using portability for income tax planning.
There will be no CE for this webinar
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