Bradley & Riley PC

This is an abbreviated version of a longer article which can be found here.

IRS Revenue Procedure 2014-18, issued on January 27, 2014, grants an extension of the federal estate tax portability provisions to the estates of all decedents who:

• died during calendar year 2011, 2012, or 2013; • left a surviving spouse; and • had a gross estate that did not exceed the federal estate tax filing requirements in effect on the date of death ($5,000,000 gross estate for calendar year 2011, $5,120,000 gross estate for calendar year 2011, $5,250,000 gross estate for calendar year 2013)

Estates that meet these criteria have been granted an automatic extension through December 31, 2014, to file a properly completed Federal 706 Estate Tax Return. The purpose for filing such a return would be to transfer any federal estate tax exemption amount not used at death of the first spouse to the surviving spouse under the portability provisions. This is a valuable opportunity that should not be overlooked.

If your spouse died during calendar years 2011, 2012, or 2013, and no Federal 706 Estate Tax Return was filed after your spouse's death, you should consult with your legal advisors to determine whether a Federal 706 Estate Tax Return should be prepared and filed prior to the new December 31, 2014, deadline.

To review a complete copy of IRS Revenue Procedure 2014-18, click here.

For any questions regarding portability of the federal estate tax exemption or other estate planning issues, please contact Janice J. Kerkove or another member of our Estate Planning Practice Group.


Categories: Estate Planning Law

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