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First, unless you think the combination of your parents' estates to aggregate over the $5,450,000 exemption allowed to each of them, no estate tax return would be necessary for either of them when they die. But, if you think that the total estate value would be that large, then you would want to make sure you filed an estate tax return when the first parent died so that the second spouse to die so that they could take advantage of the full $10,900,000 exemption (i.e., $5,450,000 each).
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Yes...as long as the first to die files an estate tax return.