Estate Planning Opportunity Created by IRS Extending Portability Deadline Retroactively
Aug 24, 2017
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By Michael Kitces, MSFS, MTAX, CFP, CLU, ChFC
Executors often don’t realize an estate tax return must be filed to claim portability. The recently issued Rev Proc 2017-34 gives a second chance for those who have failed to claim portability. Clients widowed any time after 2010 may benefit—and in cases where both spouses have died, heirs may get substantial estate taxes refunded—but only if you act before year-end.