Did your spouse pass away within the last five years? If so, you may be able to file for an additional tax benefit, called “portability.” The portability of the estate tax exemption refers to the ability of a surviving spouse to use any remaining portion of their deceased spouse’s unused estate tax exemption. This concept was introduced into the U.S. federal tax code with the passage of the Job Creation Act of 2010 and made permanent by the American Taxpayer Relief Act of 2012 (ATRA) and is commonly known as “portability.”

Read the complete article here to learn more about the legislation behind this and how to use it.