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The Law Offices of Brenton C. McWilliams – Blog

The Law Offices of Brenton C. McWilliams

Welcome to our blog. Here, you will find articles on topics relating to estate planning, elder law and probate.

Right of Occupancy Trust: Alabama Estate Planning Guide

Guide to Estate and Gift Tax Portability for Estate Planning

A common concern among our estate planning clients is whether taxes must be paid on their estate once they die. While there is no state-level estate tax in Alabama, your estate could be subject to federal estate taxes. In 2024, the federal estate tax exemption amount for an individual is $13.61 million (this is adjusted annually according to inflation and, as discussed later on may be subject to law changes in the future). In 2010, the IRS introduced the concept of estate tax portability, which, effectively, doubles the estate tax exemption amount for married couples. This means that if your spouse did not use the full $13.61 million exemption amount at his or her death, you may be able to transfer (“port”) your deceased spouse’s unused exclusion (DSUE) to yourself, increasing your own estate tax exemption amount.

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