The estate tax exclusions of married people who pass away in 2011 and 2012 can be portable. For Estate Planning, their spouses can add the unused exemptions of the first spouse to die to their own exemptions.
But to make the exemption portable, the estate must file the estate tax return, Form 706, even if one isn’t otherwise required. Because the IRS waited too long to set this rule, it extended the time for filing the return. Estates of those who died in the first half of 2011 have 15 months from the date of death to request an extension of the filing deadline and file the form. An extension of the deadline will be automatically granted.
Estate Planning for 2019 Taxes
Bob Carlson is the editor of the monthly newsletter, Retirement Watch, the monthly video series, Retirement Watch Spotlight, and a weekly free e-letter, Retirement Watch Weekly. In these, he provides independent, objective research covering all the financial issues of retirement and retirement planning.
Mr. Carlson, is also Chairman of the Board of Trustees of the Fairfax County Employees’ Retirement System, which has over $2.8 billion in assets, and has served on the board since 1992. He was a member of the Board of Trustees of the Virginia Retirement System, which oversaw $42 billion in assets, from 2001-2005.
Carlson is an attorney. He received his J.D. and an M.S. (Accounting) from the University of Virginia and received his B.S. (Financial Management) from Clemson University and passed the CPA Exam. He also is an instrument rated private pilot. He is listed in several recent editions of Who’s Who in America and Who’s Who in the World
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