The portability provision was set to expire in January, 2013 as part of the fiscal cliff. If you are part of a married couple, each one is allowed a certain dollar amount of an exemption. On the first to die, that dollar amount would transfer to the surviving spouse, making the exemption portable.
Melody Juge, with Marketwatch, Wall Street Journal Digital, says that she always advises people to see out established attorneys and to make sure they're certified in estate, probate and tax and to make sure they're state-specific. She also advises people to get referrals when deciding on financial advisors.
The estate tax provision amount is currently up in the air. Congress is fighting to take the amount down from $5.5 million to $3.5 million, which will affect many more people, says Juge. "It is important to just seek the guidance," Juge recommends.
There is liability for all advisors across the board, notes Juge. Research and information will serve the consumer well when they go and interview attorneys and she also advises people to avoid attorneys who charge an hourly fee.
Melody Juge is with Marketwatch, of Wall Stree Journal Digital and spoke with Retirement News Today, providing online, on-demand, retirement video news content.