Overview of Portability and Rev Proc 2017-34.
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. 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, 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 new 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 his 60 minute LISI webinar titled "What Advisors Need to Know About Portability, Including Rev Proc 2017-34." During his webinar, Bob will cover the following topics:
· Understanding the relief provided in Rev Proc 2017-34 and why this procedure is welcome;
· 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 in second marriages and premarital agreements;
· Using portability for income tax planning.
Your registration will entitle you to: 1) the handout materials and 2) the ability to watch the webinar either at the scheduled time or – if for any reason you can’t view it then – we’ll automatically provide you with a link within 24 hours – to view it at your convenience as many times as you’d like.
Note:There will be no CE for Bob's webinar.
There will be no CE for this webinar
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