Photo by Edwin Remsberg
In June, the Internal Revenue Service (IRS) released the final regulations on the portability of a deceased spousal unused exclusion amount. To put that in simpler terms, every man, woman, and child is allowed over his/her lifetime to give assets to others without paying gift, estate, or generation-skipping taxes. This tax credit is known as unified tax credit and for 2015, the tax credit is capped at $5.43 million and increased based on inflation each year.
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