New Estate Tax Law - A Portability Provision

The new tax laws are upon us, including new rules and rates for inheritances for the wealthy. Somewhat of a surprise is a new 'portability provision' which allows carry-over of one spouse's 'unused' inheritance exclusion to be used by the surviving spouse. The new $5M personal exclusion can become a $10M exclusion for the surviving spouse. Read about this new provision and it's implication, at the Fidelity Viewpoints website. 

The subject of estate taxes is one that needs to be addressed with your attorney and tax accountant. The new higher exclusion ($5M vs $3.5M in 2009) and the new portability provision are useful, but only these 'trained professionals' can lead you through this difficult minefield.