Sunday, May 18, 2014
Bridget J. Crawford (Pace University School of Law) and Jonathan G. Blattmachr (Milbank, Tweed, Hadley & McCloy LLP) recently published an article entitled, Planning With Portability Do-Overs (But Only for a Limited Time), Tax Notes, Vol. 143, No. 1, 2104. Provided below is the abstract from SSRN:
In this article, the authors discuss Rev. Proc. 2014-18, in which the IRS provides some estates with a simplified method for making a portability election and having that election treated as timely even though the statutory deadline may have passed. The authors suggest that once the estate tax exemption of a first spouse to die has been preserved under Rev. Proc. 2014-18, an effective estate plan for the surviving spouse may include creating and funding a lifetime trust structured as a grantor trust.