Portability - Immediate Action Items

By Richard S. Franklin

Portability, now permanent, is a fundamental change in estate planning. We suggest that you implement the following five action items:

  • Identify Clients with Deceased Spousal Unused Exclusion (DSUE) Amounts
  • Use DSUE Amounts by Gift
  • Authorize Portability Election in Will or Revocable Trust
  • Consider Restructuring Existing Plans to Allow for Possible Use of Portability
  • Add Mechanism to By-Pass Trusts to Attain Basis Adjustments

Taking these steps will help to provide your clients with potential estate and income tax savings. Further details are provided below.

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