How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55598
Experience:  29 years of experience as a tax, real estate, and business attorney.
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

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

Customer Question

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: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.

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).

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Customer: replied 1 year 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?
Expert:  Richard replied 1 year ago. long as the first to die files an estate tax return.