By Keri Brown and Benjamin Cohen-Kurzrock (August 11, 2017, 2:21 PM EDT) -- On June 10, 2017, the IRS released Revenue Procedure 2017‑34, 2017‑26 I.R.B. 1282, which provides "ordinary millionaires" (i.e., people with a gross estate and adjusted taxable gifts below the "basic exclusion amount," which is currently $5.49 million) some regulatory relief with respect to making a portability election. Under Rev. Proc. 2017‑34, that portability election must be made on or before Jan. 2, 2018, or the second anniversary of the decedent's date of death. It, therefore, may be important to act fast in some (older) cases. Otherwise, a surviving spouse may be unable to take advantage of a deceased spousal unused exclusion ("DSUE") amount. This article summarizes Rev. Proc. 2017‑34 and some of the issues it addresses....
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