Question about Form 706 - Designation of Unused Spousal Exemption (DUSE)

[Crashnburn]

I'm reading Ed Slott's book The New Retirement Savings Time Bomb. It has a lot of good info on how to keep the government from "SECURE"ing as much tax revenue from your estate as possible.

I first heard about DUSE while reading this book, and apparently I had 9 months to file the form or the extension to get the DUSE filed. Unfortunately, it's been more than a year since Tammy died and I haven't filed either.

Is it too late to worry about it, or is there still a way to file it and have it accepted.

It won't matter much until the end of next year, but will after that.

Thanks

 

[flyingron]

The first question is how big is YOUR estate estimated to be? Even with the 2025 sunsetting, if you don't have $5MM this is all moot.
The good news is that unless Tammy's estate was required to file an estate tax return, the IRS decided given the number of people applying for extensions on filing, that you now have five years from her death to apply.

 

[Crashnburn]

It won’t matter, this year or next, but unless the exemption is extended, it will after that. I plan on living a lot longer than 2 years (don’t we all?).

My trust attorney recommended a couple of tax attorneys and one of them is going to help me wade through the paperwork.