TELESEMINAR: Portability of the Estate Tax Exemption: Planning, Compliance and Drafting Issues – A National Perspective
July 2, 2013
12:00 – 1:00 p.m.
1.00 MCLE hours
“Portability” is a relatively new concept in estate planning. Introduced in 2012 for a two-year period, portability allows a spouse to transfer – or make “portable” – the unused portion of his or her lifetime gift tax exclusion to the other spouse. Though it had great potential to lower taxes and achieve other goals, estate planners were reluctant to recommend its use because it was set to expire in 2012. But the recently enacted “Fiscal Cliff” law makes portability permanent, opening new opportunities for its use and calling into question the utility of credit shelter and bypass trusts. This program will provide you with a guide to understanding portability, real-world planning opportunities with it, and how its use will impact the use of credit shelter and other types of trusts.
- Understanding portability – what is it and how it alters current practice
- Mechanics of properly electing portability – timing, process, traps
- Special issues related to portability and second marriages
- Integrating portability into a client’s overall estate and trust plans
- The limitations and risks of portability
- How portability impacts credit shelter and bypass trusts
Daniel L. Daniels, Wiggin and Dana, LLP, Connecticut
David T. Leibell, Wiggin and Dana, LLP, Connecticut