News on Portability for Estate Planning
Learn About New Legal Changes Regarding Portability and How to Maximize Basis Step-up
Recent estate law changes have created new opportunities for people with less than $11.7 million in assets to reduce future income taxes for their beneficiaries. The death tax exemption fluctuates over time. In 2017 when this video was filmed, the death tax exemption was $5.4 million per person. In 2021, it is now $11.7 per person. Although the exemption amount has changed, the concept of portability is useful for married couples if their assets qualify them for the current exemption amount at time of death.
Brad N. Baker, senior estate planning attorney at Baker, Burton & Lundy, describes what basis is and how the opportunities with Portability might affect you. After watching this video, please call our office to schedule a meeting if you feel your estate can take advantage of considering these new legal developments.