Tag: surviving spouses

does your state have an inheritance tax- sterling accounting

IRS Issues Relief For Estate Tax Trap For Surviving Spouses

does your state have an inheritance tax- sterling accountingThe IRS has come to a ruling in their efforts to protect surviving spouses from an estate tax trap by overlooking regulations.

“Congress added portability to the estate tax law when it settled on a “permanent” exclusion of $5 million per person (indexed for inflation) and a flat tax rate of 40%, effective 2011. It lets a surviving spouse essentially carry over any unused portion of the deceased spouse’s exclusion…” [ Read more here ]