Q: My husband recently passed away. How long do I have to make the portability election with the IRS?

by | Sep 7, 2022 | Q&A, Trust And Estate Administration |

A: On July 8, 2022, the IRS issued a new procedure that can be used to extend estate tax portability for up to five years after the death of a spouse. Having said that, in order to ensure timeliness and compliance with various tax requirements, we always recommend contacting a trusted tax professional as soon as possible after the death of a loved one.