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If my parents combined assets are under 5.4M is it advisable…

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If my parents combined assets...
If my parents combined assets are under 5.4M is it advisable for each of my parents to file a Federal Estate Tax Return. A friend was telling me about portability which I didn't entirely understand.
Submitted: 2 years ago.Category: Finance
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Answered in 10 minutes by:
3/10/2016
Financial Professional: Richard, Tax Attorney replied 2 years ago
Richard
Richard, Tax Attorney
Category: Finance
Satisfied Customers: 56,903
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. My name is ***** ***** I look forward to helping you.

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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Customer reply replied 2 years ago
What happens if one parent uses say 2,450,000 of the exemption does the other 3,000,000 get added to the surviving parent giving them a total of 8,450,000 to use when they die?
Financial Professional: Richard, Tax Attorney replied 2 years ago

Yes...as long as the first to die files an estate tax return.

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