Estate Law Questions? Ask an Estate Lawyer.
Thanks for your question and good afternoon.You are correct here that under the present law a couple has a combined $10.5 million exemption.The $1million here counts against the $10.5 million leaving $9.5 million portability for the remaining spouse.As long as the estate is not over that when she deceases then there is no tax due.The only caveat here is that this is for 2013 nobody knows if the law will change in the future.
Unless it does under your scenario no tax is due.Here is reference..go down to portability..http://www.nolo.com/legal-encyclopedia/federal-gift-estate-law-2013-beyond.htmlIt has been my pleasure to assist you today.Please let me know if you have more follow up.Thanks again.
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I just want to add to my top rating for you that I particularly appreciated
your answer in 101 language, easily understood. I still need to check to see of the State of Illinois $2 million inheritance limit has been factored
into the Trust Documents. Will have to do this at some point.
Again, my thanks. XXXXX get you again when I have a question! Now
where can I put in my rating for you?