Portability - ACT NOW

By Lester B. Law

-- January 2, 2018 Deadline to Cure "Past" Missed Portability Elections!
-- Two Years from Death of Death to Make Future Portability Elections!

Revenue Procedure 2017-34, issued on June 26, 2017, provides two new forms of administrative grace, one allowing all "past" missed portability elections to be fixed and one allowing "future" missed portability elections to be fixed.  There are limits on this administrative grace, however.

The new IRS procedure allows every small estate where the portability election was missed since the date of enactment the opportunity to go back and make the election.  We cannot stress enough this new procedure's importance.

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Durable Powers of Attorney

By Richard S. Franklin and Lester B. Law

A DPOA is a device used to authorize another person (the "Agent") to manage the financial affairs of the person granting the power of attorney (the "Principal").  Without using this tool (or other similar tools), in the event that the Principal becomes incapacitated, an expensive and invasive, court-monitored guardianship proceeding may be neeed to authorize someone to act on the Principal's behalf.


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