Portability in estate planning matters whether you’re planning ahead as a married couple or handling estate matters after a spouse has passed. But what is portability in estate planning?
In this blog post, you’ll learn what portability in estate planning means and why it matters for married couples. If you need help from an estate planning attorney in Newark, CA, with applying portability or related estate planning issues, contact CC LawGroup, A Professional Corporation, to discuss your options.
Estate Tax Portability Explained
Portability in estate planning lets a surviving spouse use any part of their late partner’s federal estate tax exemption that went unused. One of the most important estate tax exemption portability benefits is the ability to combine exemptions, which can significantly increase the amount of property that passes to heirs without triggering federal estate taxes.
Spousal Portability Estate Tax Rules
If you’re relying on portability as part of an estate plan, it’s important to understand how the rules work and where mistakes can cost a surviving spouse valuable tax benefits. The points below cover the most important portability rules to know before making planning decisions.
- Portability doesn’t apply automatically. The estate of the first spouse to pass must file a federal estate tax return to preserve the unused exemption, even when no estate taxes apply.
- Strict filing deadlines apply: Missing the Form 706 filing deadline can eliminate portability rights permanently.
- Applies only to married couples: Under federal law, portability is available only to legally married spouses.
If you need help fully understanding how spousal portability applies to your estate plan, contact CC LawGroup, A Professional Corporation, to speak with an estate planning attorney.
Why Hiring an Estate Planning Attorney in Newark, CA, Matters for Portability
Portability involves strict filing rules, deadlines, and technical requirements that many families miss without legal guidance. In Newark, an estate planning attorney files the required estate tax return correctly and on time to prevent the unused exemption from being lost.
An attorney also helps you understand when portability makes sense and when it does not. Some estates require additional planning beyond portability, especially when real estate or long-term asset growth affects future tax exposure.
If you want help applying portability correctly and understanding how it fits into your estate plan, contact CC LawGroup, A Professional Corporation, to speak with an estate planning attorney in Newark, CA.
Contact CC LawGroup, A Professional Corporation, for a Consultation
Unused estate tax exemption portability allows a surviving spouse to preserve and use estate tax exemption amounts, but only when the executor completes the required steps correctly and on time.
If you’re still unsure how to answer the question, “What is portability in estate planning?” call CC LawGroup, A Professional Corporation, at 510-818-0000 to schedule a consultation and discuss how portability fits into your estate plan.
If you’re planning ahead before you or your spouse passes, you can also review our other blog post that goes into more detail about passing your home on to family members as part of an estate plan.
