Portability of Gift and Estate Tax Exemption: Planning Considerations, Forms 706 and 709, Missed Election Relief

This CLE/CPE webinar will provide trusts and estates counsel and tax advisers guidance on key planning considerations for the portability of gift and estate tax exemptions. The panel will discuss making portability elections, available relief for missed elections, and the computation and reporting of a deceased spouse's unused exclusion change to the deceased spouse's unused exemption. The panel will also provide an overview of the issues that may arise regarding portability of gift and estate tax exemptions and completing Forms 706 and 709.

Estate planning counsel and tax advisers have a powerful tool to achieve significant estate and gift tax savings for clients. Portability's current status requires counsel to consider methods to protect increases in value between spouses' deaths, attain better income tax results, and leverage strategies for diversifying approaches for using applicable exclusion amounts.

The portability regulations require the executor of a decedent's estate to calculate the deceased spouse's unused exclusion and report the amount on the estate tax return to elect portability for the surviving spouse. Determining this amount involves a multi-step process for calculating the unused exemption amount under the regulations.

By walking you through real-world examples for portability to maximize tax benefits for estate planning, our panel will examine the tax savings and other benefits of creating portability-based plans. Missing the election to port an exemption can prove costly. Revenue Procedure 2022-32 offers relief for certain untimely elections.

Listen as our panel discusses portability elections, available relief for missed elections, and the computation and reporting of a deceased spouse's unused exclusion change to the deceased spouse's unused exemption.