Portability laws and the opportunities they create have significantly increased advisors’ roles in estate planning. No longer is the standard credit shelter trust (with QTIP or outright distribution to spouse) the only way for married couples to plan. Now , CPAs, insurance professionals, and financial advisors have a larger and more complex role in determining whether an estate plan should be credit shelter or portability based. The best news is that, other than having to file a federal estate tax return (Form 706), there is no downside to including portability in a plan.
Howard Lang's article on portability laws was published in the May 2014, Volume 9, Issue 5 edition of Estate & Business Law Group, P.C.'s monthly newsletter, The Wealth Counselor.