“One Missed Form.
$1.5 Million in Estate Taxes”
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with all the details…
The estate exemption is $15 million.
No estate tax is owed. So no filing is needed, right?
Wrong.
If you want your surviving spouse to inherit your unused exemption, someone has to file Form 706 and make the portability election—even when the estate is well under the threshold.
Skip that step, and the unused exemption disappears. Permanently.
In a recent Tax Court case, that mistake cost an estate $1.5 million in federal estate tax. The form wasn’t properly filed in time. The surviving spouse lost the benefit.
The portability election isn’t automatic. It has to be made. And the deadline matters.
CLICK HERE to read my completely new article titled:
“Late Filing Costs Estate $1.5M
—Will Yours Be Next?”