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Full-Text Articles in Law
Elaine Hightower Gagliardi On Treasury Transforms The Portability Election: Making The Dsue Amount A Reliable Planning Tool, Elaine H. Gagliardi
Elaine Hightower Gagliardi On Treasury Transforms The Portability Election: Making The Dsue Amount A Reliable Planning Tool, Elaine H. Gagliardi
Faculty Journal Articles & Other Writings
With the issuance of temporary regulations, Treasury pulls back the cloak of uncertainty and reveals a portability election that proves to be relatively dependable and a useful planning tool. The temporary portability regulations,1 issued June 15, 2012, remove the “now you see it, now you don’t”2 quality of the deceased spousal unused exclusion (“DSUE”) amount as enacted by Congress. With a sleight of hand, Treasury rewrites the plain wording of the statute to eliminate uncertainty. The temporary regulations provide a clear path for avoiding loss of the DSUE amount on remarriage. The regulations allow donors to make gifts without fear …
Elaine Hightower Gagliardi On The Deceased Spousal Unused Exclusion Amount: Now You See It, Now You Don't, Elaine H. Gagliardi
Elaine Hightower Gagliardi On The Deceased Spousal Unused Exclusion Amount: Now You See It, Now You Don't, Elaine H. Gagliardi
Faculty Journal Articles & Other Writings
Spousal portability of the applicable exclusion amount promises estate planning simplicity.70 No longer will a married couple need to make lifetime transfers of assets to ensure that each spouse holds sufficient assets to fully use the unified credit of each regardless of the order of death.71 A couple can also avoid the attendant costs of placing property in a credit shelter trust following the first death.72 Portability achieves these purposes and at the same time aligns with testamentary goals of clients when all the children of the couple are from the marriage, neither spouse anticipates remarriage following the first death, …