Portability allows a surviving spouse to add the exemption of the first spouse to die to their exemption for estate tax purposes. This happens automatically on a timely filed estate tax return unless intentionally electing out of portability. The nuances come in when you need to file an extension to give more time to see which strategy works best or when filing an estate tax return wasn’t necessary at the time of the first to die. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, discusses:

The four ways that you can carry out portability for your clients
When it makes sense to extend the 706 return to buy more time
What your surviving spouse client can do if within 5 years of their spouse passing away
How to file for 9100-3 relief, if needed

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This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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Four ways to achieve portability {PFP Section}