Recently, there have been a number of changes in the estate tax laws that benefit married couples. At Silverman Law Offices, we want to make sure that you are able to take advantage of them. With proper planning and guidance, we can help you keep your estate in the hands of the ones it is intended for.
Prior to 2012, the estate tax exemption was a “use it or lose it” proposition. The estate tax exemption was available for an individual to use during their lifetime. However, if that individual died having never used it, it was lost. Now, that estate tax exemption is transferable to the surviving spouse (and only a spouse, not any other relative). When the surviving spouse files taxes for the first time, they will need to elect portability in their federal estate tax return. That will effectively give the surviving spouse two exemptions.
In the end, having both exemptions will significantly decrease the amount of estate taxes paid on one person’s estate. Let us make sure your estate is handled properly in order to avoid paying unnecessary taxes to the government. Call Silverman Law Offices today.