The American Taxpayer Relief Act of 2012 allows each spouse to pass $5.25 million (increasing with inflation) to heirs without paying estate taxes. The law allows any unused amounts from one spouse to be added to the $5.25 million exemption of the surviving spouse. Previously, this was only accomplished by dividing asset ownership between spouses and setting up trusts that went into effect at death.

While portability can simplify the estate planning process, there are other considerations to be explored. Call us to review your asset ownership and estate plan to ensure it reflects the new law and your wishes.

L. Paul Kassouf & Co, P.C.

(205) 443-2500

www.kassouf.com