A missed estate planning election can create a massive tax bill for heirs, even when a family doesn’t consider itself wealthy. In this video, we break down how a missed portability election and errors with IRS Form 706 can potentially result in significant estate tax exposure.

You’ll learn how estate tax portability works, how a surviving spouse may use a deceased spouse’s unused federal estate tax exemption, and why deadlines, valuations, and filing requirements matter. We also look at how real estate, investments, and business interests can grow over time and unexpectedly increase an estate’s tax exposure.

Finally, we cover important steps families can take to coordinate estate planning, retirement assets, and wealth transfer strategies. If you’d like to review how estate taxes and wealth transfer planning fit into your broader financial plan, you can request a complimentary consultation through the link in the description.