Recent Update To Tax Planning Through Portability
By: Joshua B. Glaser, Esq., LL.M. - August 15, 2017
Many individuals, especially those of a high net worth, are familiar with the estate tax exemption (hereinafter the “applicable exclusion amount”). Simply put, the applicable exclusion amount is the monetary amount that an individual can transfer during his or her lifetime or upon death, without triggering an estate or gift tax. The current applicable exclusion amount for 2017 is $5,490,000 per person.
** Disclaimer Required by IRS Circular 230** Unless otherwise expressly approved in advance by the undersigned, any discussion of federal tax matters herein is not intended and cannot be used 1) to avoid penalties under the Federal tax laws, or 2) to promote, market or recommend to another party any transaction or tax-related matter addressed.