DO YOU NEED an expert investigator ? Investigative assistance ?
and truthfully , this is something family law attorneys need to be mindful of as well . Electing “ portability ” is a tax strategy where a surviving spouse files an estate tax return in order to capture their deceased spouse ’ s uneaten cupcake , frosting and all . If a person dies in 2024 , not having used any of their lifetime exclusion amount , their spouse can file a return to add $ 13.61 million to their own lifetime exclusion amount . Unfortunately , they now don ’ t have anyone to watch the sunset with . Maybe they will come see you before they get remarried . From this point forward , it is absolutely critical that we advise clients in this scenario of the effects remarriage will have on their estate tax planning .
DO YOU NEED an expert investigator ? Investigative assistance ?
Again , the tax code regulations guide us . A surviving spouse is only allowed to use the “ ported ” exemption of their “ last deceased spouse .” What does this mean ? Consider the following timeline of events : 1 ) in the year 2024 , wife # 1 dies ; husband files an estate tax return to “ port ” wife # 1 ’ s unused $ 13.61 million of estate tax exclusion ; 2 ) in 2025 , husband marries wife # 2 , and they happily watch the sunset , and the reduction of their own lifetime exclusion amounts down to $ 7 million ; 3 ) in 2026 , wife # 2 dies . Under this set of facts , husband loses the exemption he gained from wife # 1 , because his “ last deceased spouse ” was wife # 2 . He would be stuck electing portability of her lesser amount of $ 7 million .
Buckle up , because the next year is looking like a rollercoaster . Then again , maybe the tax provisions won ’ t sunset . Though I would be happy to be wrong , I have my doubts we will avoid a sunset . In the meantime , I hope I haven ’ t ruined cupcakes for you .
MEDIATION SERVICES Fair . Neutral . Respectful .
Mark Western Mediation
Mark has practical experience representing clients on both sides of most non-family law civil disputes .
Mark has represented the interests of injured as well as insurers , debtors and creditors in commercial disputes , and general contractors , subcontractors , and project owners in construction matters . Mark is also experienced in various types of bankruptcy disputes .
Mark is a Minnesota Rule 114 “ qualified neutral ” and is on the North Dakota and Minnesota state court administrator ’ s roster of qualified neutrals for civil disputes .
fremstadlaw . com 701-478-7620
FRANCIS W . GASPER , founder of Gasper Investigations , LLC is an award winning retired FBI Agent , attorney and licensed private investigator located in North Dakota , who specializes in working with attorneys to prepare and engage in complex litigation ; clients include corporations and banks addressing fraud , employee malfeasance as well as background reviews .
HIGHLY SKILLED AT CONDUCTING :
• Comprehensive research
• Reviewing large amounts of financial records and data
• Identifying , locating , and interviewing witnesses
• Gathering and summarizing admissible documentary evidence
• Asset searches
CONTACT :
Francis W . Gasper Gasperinvestigations . com frank @ gasperinvestigations . com ( 701 ) 204-1798 or ( 914 ) 584-2225
Private Investigator ND # 588 , MN # 2321 , IL # 115002658 , NY # 1100221129 , Member of NY Bar
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