Under current law, surviving spouse may under some circumstances use the Deceased Spouse’s Unused Exclusion Amount (DSUEA) in order to avoid estate tax, potentially doubling her lifetime exclusion from $5,120,000 to $10,240,000. There are several requirements for this “portability” and one of them is filing a timely election on an estate tax return (706).
IRS has extended the time for filing this election. Notice 2012-21 here.
Holy Smoke, LLC! What a great idea, at least for those opting to be cremated. A new company will load your human ash remains into ammunition, then ship the remainder of ash back to you, along with the ammo. Ash is loaded into shotgun shells by mixing it with shot, not the powder. For center-fire rifle and pistol cartridges, the ash is loaded into the cavity in hollow points then sealed with wax.
What a great way to honor a crime victim! Or a hunter. Or millions of tea party revolutionary folk. You can contact the company here.
To update your will and other estate planning documents regarding your planned burial disposition, see a California estate planning attorney now.
This is urgent, for any executors of the estates of decedents dying after 12/31/2010: even if the estate is less than the $5,000,000 exclusion amount for estate tax, you still must file a 706 return in order to allow the decedent’s surviving spouse to make use of the deceased spouse’s unused exclusion amount (DSUEA), called “portability” of exclusion. See IRS Notice 2011-82 here.
Here is a quick introduction to the probate and trust administration process. Get professional help as soon as possible.
