The IRS issued a revenue procedure (Rev. Proc. 2022-32) Friday that allows estates to elect ‘portability’ of a deceased spousal unused exclusion (DSUE) amount as much as five years after the decedent’s date of death.
Establishing an estate plan is extremely important. As life changes, it is necessary to update your plan to fit new circumstances.
So why should you consider a more comprehensive plan than just leaving an out-of-state vacation home in your will?
The IRS is weighing a change that could leave your heirs poorer than you might hope.