The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years. Read on to learn more.
Elizabeth Neyens currently practices in Woodbury, Minnesota, primarily in the areas of estate planning and, probate, which are two areas that involve family transitions, challenging circumstances, thoughtful decisions, and careful planning... Read More
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