What Is Estate Tax Exclusion Portability?

You should brace yourself for possible taxation when you are devising your estate plan. There are those who are under the impression that the estate tax is only a factor for extremely wealthy people, but this will depend upon your perspective. When you are inventorying your assets to determine your estate tax position, you have to understand the fact that everything that you own personally counts, even your home. We practice law in northern California. Throughout this region, real estate can be extremely valuable, so you have to take this into account. There is an unlimited marital deduction that allows you to transfer unlimited assets to your spouse tax-free, as long as your spouse is an American citizen. You could apply the federal estate tax credit or exclusion to transfer assets to others in a tax-free manner. At the current time, the federal estate tax exclusion is $5.43 million. There can be annual adjustments to account for inflation, so the figure has been rising slightly year
http://www.norcalplanners.com/blog/estate-planning/estate-tax-exclusion-portability/

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