Did You Fail to Claim Your $5,000,000.00 Unified Tax Credit Upon the First Death?


Did a love one pass after the enactment of TRUIRJCA in 2011? Did your attorney, accountant, inancial advisor or you, fail to file for the $5,000,000 Unified Tax Credit within the required 9 months date of death? Is the survivor sitting on a potential estate tax time bomb now?

If Yes, the IRS issued Rev Proc Ruling 2017–34 to correct this estate tax planning mistake above–if acted upon. All advisors should review their client files back to Jan 2011 and determine the current value of the survivors estate. If the estate is currently in excess of $3,000,000.00, electing and properly filing for Portability NOW, before the expiration of this “Hail Mary” on January 2, 2018, may help prevent potential and unnecessary estate tax exposure upon the second death.

Angry beneficiaries will want to know which advisors were asleep at the wheel if their inheritance is smaller and Portability should have been used. Check with your tax advisor NOW for more details. Another Tax Secret from Ed Cotney.