Using the Portability Rule to Save Taxes

Years ago, we would frequently work to make sure both spouses had enough assets in their names to allow for both estate tax exemptions. Many times, one would not hold enough, she would pass away and the estate would be taxed far more than necessary. These days, we can use the portability rule regardless of which spouse holds the most assets. We just have to be sure the surviving spouse knows what to do and most of this is planned in advance with the accountant to utilize as much of the exemption as possible. If the surviving spouse lives another 20 years, the assets will grow and if the full exemption is not utilized, taxes could compound much more than anticipated. Watch the video to learn more.


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