Get the free Election of Portability - State of Illinois

Election of Portability for Optional Term Life For Members Covered under the State of Illinois Plan Underwritten by Minnesota Life Insurance Company Portable coverage for members: You may elect to

How to fill out election of portability

Point by point process for filling out the election of portability:

1. Start by obtaining the necessary forms from the relevant government entity, such as the IRS or the Social Security Administration.
2. Begin by filling out your personal information, including your full name, address, and social security number.
3. Indicate the specific type of election you are making, which in this case is the election of portability.
4. Provide the necessary information about the deceased spouse, such as their name, social security number, and date of death.
5. State your relationship to the deceased spouse, acknowledging that you are the surviving spouse.
6. Calculate and input the total value of the deceased spouse's estate at the time of their death.
7. Determine and specify the value of any elective share amounts or other deductions that may apply.
8. Provide any additional required information or documentation, such as copies of relevant tax returns or court orders.
9. Sign and date the form, affirming the accuracy of the information provided.
10. Submit the completed form to the appropriate government entity, following their specific instructions for submission.

Who needs election of portability?

1. Married individuals who have experienced the loss of their spouse and wish to transfer the deceased spouse's unused estate tax exemption to themselves.
2. Those who want to take advantage of the benefits provided by the portability election, which include increasing their own estate tax exemption.
3. Individuals who have a taxable estate that exceeds the estate tax exemption threshold and want to minimize their potential estate tax liability.

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What is election of portability?

The election of portability allows a deceased spouse's unused estate tax exemption to be transferred to the surviving spouse.

Who is required to file election of portability?

The executor of the deceased spouse's estate is required to file the election of portability.

How to fill out election of portability?

The election of portability is filed by timely submitting IRS Form 706, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return.

What is the purpose of election of portability?

The purpose of election of portability is to maximize the total estate tax exemption available to a married couple.

What information must be reported on election of portability?

The election of portability must include information about the deceased spouse's estate, assets, and exemptions. It must also specify the amount of the unused exemption being transferred.