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Estate Planning Blog

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McBrayer Blogs

Showing 3 posts tagged estate tax.

Five Things You Must Do to Maximize 2020 Giving and Minimize Tax Liability

It may seem hard to believe, but what has almost certainly been the longest year in human history is finally nearing an end. And while you might not want to add tax planning to your 2020 To-Do List, thinking strategically now may allow you to turn some of those leftover lemons into lemonade by minimizing your tax liability for the year. Don’t miss the following tips to get a jump on those returns. More >

Steps to Take After the Death of a Loved One

The loss of a loved one is an emotional and often overwhelming situation. The steps below provide a guide to handling the estate of the deceased individual. More >

Exemption Portability - What is it, and how does it work?

Posted In Estate Planning

The term "portability" is used in many contexts, but in the estate planning context portability describes the way a surviving spouse can use the remainder of a deceased spouse's unused exclusion amount to further shield her or his estate from tax liability. Portability first came about in 2010 as a temporary concept in the Tax Relief, Unemployment Reauthorization and Job Creation Act of 2010. It was set to expire on December 31, 2012, but Congress, in the American Taxpayer Relief Act of 2012, made portability a permanent part of the estate and gift tax exclusion. The current unified exemption for estate and gift taxes is $5.43 million (for the year 2015), so portability allows for a potentially very large tax break for a surviving spouse's estate. More >

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