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ESTATE PLANNING FOR PORTABILITY First Run Broadcast: January 21, 2016 2:00 p.m. E.T./1:00 p.m. C.T./12:00 p.m. M.T./11:00 a.m. P.T. (60 minutes) Portability, a relatively new concept in estate planning,

How to fill out estate planning for portability

How to Fill Out Estate Planning for Portability:

1. Gather all relevant financial and personal information: Start by collecting all important documents such as property deeds, bank account statements, investment statements, insurance policies, and any other assets or liabilities you may have. Additionally, make a list of important contact information, including names and contact details of beneficiaries, executors, trustees, and potential guardians for minor children.
2. Determine your goals and wishes: Estate planning is about ensuring your assets are distributed according to your wishes. Take some time to consider your goals and how you want your assets to be distributed among your loved ones or charitable causes. Decide on beneficiaries, potential guardians for dependents, and any specific instructions or bequests you wish to make.
3. Consult with an estate planning attorney: Estate planning can be complex, and it is advisable to consult with an experienced attorney specializing in estate planning. They can guide you through the process, ensure that your wishes are accurately documented, and help minimize any potential tax implications.
4. Create or update essential documents: Your attorney will help you create or update essential estate planning documents such as a will, trust(s) if applicable, power of attorney, and healthcare proxy. These documents will outline your wishes regarding the distribution of assets, guardianship arrangements for minors, and healthcare decisions in case of incapacitation.
5. Consider estate tax planning strategies: One of the main purposes of estate planning for portability is to minimize estate taxes. An attorney can assist you in exploring strategies to minimize estate tax burdens, such as gifting assets during your lifetime or establishing a trust to protect assets from taxation.
6. Review and update regularly: Estate planning is not a one-time event. It is important to review and update your plan periodically, especially after significant life events such as marriage, divorce, birth of children, or changes in financial circumstances. Regularly reviewing and updating your estate plan ensures that it remains aligned with your wishes and current laws.

Who needs estate planning for portability?

Estate planning for portability is relevant for individuals and couples who may have a high net worth or significant assets. It can be particularly beneficial for those subject to estate taxes, as portability allows surviving spouses to utilize the unused portion of their deceased spouse's estate tax exemption. However, estate planning is not limited to the wealthy. Anyone who wants to ensure their assets are distributed according to their wishes and minimize potential conflict among heirs can benefit from estate planning for portability. It is advisable to consult with an attorney to determine the best approach based on your specific circumstances.

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What is estate planning for portability?

Estate planning for portability is a tax-saving strategy that allows a surviving spouse to use the unused portion of their deceased spouse's estate tax exemption.

Who is required to file estate planning for portability?

The executor of the deceased spouse's estate is required to file estate planning for portability on IRS Form 706.

How to fill out estate planning for portability?

Estate planning for portability is filled out on IRS Form 706, which requires detailed information about the deceased spouse's assets, liabilities, and the unused portion of their estate tax exemption.

What is the purpose of estate planning for portability?

The purpose of estate planning for portability is to maximize the combined estate tax exemption of both spouses, ultimately reducing the amount of estate tax owed.

What information must be reported on estate planning for portability?

Information such as the deceased spouse's assets, liabilities, the value of their estate, the unused portion of their estate tax exemption, and details about their estate plan must be reported on estate planning for portability.