The good news has resounded andthere is much to celebrate with the passing of ATRA 2012 (or the Fiscal Cliffdeal). One particularly positive element of ATRA 2012 is the continuation ofcertain estate and gift tax laws.
A recent Forbes article titled â€œAMarried Couple's Guide To Estate Planning,â€explores some important considerations when it comes to fundamental estateplanning.
As so many of us hoped it would,the fiscal cliff-bridging budget extended the provision known as â€œportability.â€As you may know, portability is the ability to pack up the unused tax exemptionof the first spouse â€“ that is, their gift/estate tax exemption â€“ and pass it onto the surviving spouse. The surviving spouse doesnâ€™t have to worry quite asmuch about triggering the estate tax when they pass. Why? Because they now haveeverything they own plus everything their spouse left them, and all of it canbe sheltered from estate taxes by the estate tax exemptions of both spouses.
The original article has more tosay regarding how to secure this portability. For that matter, portability isalso a limited achievement and a limited kind of protection between marriedpersons.
There is more to â€œportabilityâ€and proper estate planning than meets the eye. At Idaho Estate Planning we are theexperts you need to know and trust. Work with us and we'll put together a planthat works for you and your loved ones. Remember, good planning is no accident.