Estates now have an additional three years to file for a portability election - Crawford Ellenbogen

Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return. Unfortunately, estates that aren’t otherwise required to file a return often miss the deadline. The IRS has updated the procedure for obtaining an extension to elect portability beyond the original deadline. Eligible estates can now request a portability extension up to the fifth anniversary of the deceased spouse’s death. Contact us for more details.