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A constant with estate plans: they're all different

On Behalf of | Nov 17, 2015 | Estate Tax

The realm of estate administration is rife with specialized vocabulary and even esoteric terms that are used daily by experienced legal practitioners in the field, yet are far from being squarely in the public parlance.

Take the term “portability,” for instance. Do you know what it means when it is mentioned by an estate planner?

Actually, you might have a very good grasp on what portability is all about, but that is likely to be the case only if you’re what most Americans would consider to be a comparatively wealthy person.

Portability is an option that is relevant to the exclusion of estate taxes in select instances. As noted in an online article discussing special considerations germane to elderly estate planning clients, the option can be elected by a surviving spouse in order to secure the allowance provided by a deceased partner’s unused estate tax exclusion.

Given that 2015 federal law exempts the first $5.43 million of any individual’s estate, it is immediately apparent that portability is not something that most people think about regarding estate administration. The above-cited estate planning overview readily points out, though, that in instances where portability is a relevant consideration, it is an obviously valuable option.”

One manifest reality regarding timely and well-considered estate planning and administration is that it can encompass a wide umbrella of concerns. Estate tax matters can be a nonstarter for some planning couples, yet critically important in other cases. Likewise, health and competency issues might be ranking concerns for some families in the planning stage, whereas the central thrust in other planning scenarios might be on trusts and other planning vehicles/strategies that preserve assets and securely pass them along to future family generations.

The aforementioned article states that planners “need to address the full range of concerns with their clients.”

That will assuredly be the outcome in any instance where an individual or family seeks professional assistance from an experience estate planning attorney.


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