On January 1, 2013, when Congress made the Estate Tax Law permanent, it set the exemption for estate and gift taxes at $5.25 million, per person, and it allowed any person’s unused estate and gift tax exemption to be carried over by their surviving spouse (i.e. “portability”). As a result, very, very few couples are now subjected to estate and gift taxes or are ever likely to be. Therefore, for […]
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