Elizabeth A. Male, Esq., CPA

Estate Planning and Administration

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The IRS is now giving small estates a streamlined method to make late portability elections.

They must file the 706 by the later of January 2, 2018, or the second anniversary of death, and include this statement at the top of the form:  "Filed Pursuant to Rev. Proc. 2017-34 to Elect Portability Under Section 2010(c)(5)(A)."  This relief is only for those estates that aren't otherwise required to file an estates tax return because they are too small.  For deaths occurring in 2017, the filing threshold is $5.49 million.

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