ALERT: Portability Extension

The IRS has released Revenue Procedure 2017-34  granting an automatic extension through January 2, 2018 to make a late “portability” election.  By electing “portability,” the surviving spouse can elect to “port” over to himself or herself, any unused estate tax exemption from the first spouse to pass away.   This applies to the estates of individuals dying on or after January 1, 2011.  Therefore, if your family has had anyone pass away since that time, you should consult with a qualified accountant or estate planning attorney to determine whether the unused exemption amount would have value for the surviving spouse.