Article Excerpt:
The IRS recently released Revenue Procedure 2017-34 simplifying the method to extend the time to make a late portability election for estates of decedents leaving a surviving spouse.
A portability election allows a surviving spouse to use the decedent’s remaining unused estate and gift tax exemption, which for 2017 is $5,490,000. This deceased spousal unused exclusion (DSUE) is in addition to the surviving spouse’s own exemption which can ultimately provide $10,980,000 of value to pass Federal estate tax free during life or at death.