What is “portability?”

Portability refers to a surviving spouse’s ability to use any unused portion of a deceased spouse’s lifetime exemption. For example, imagine that you are married. Your spouse passes away leaving behind an estate valued at $10 million. If your spouse did not use all his lifetime exemption ($12.06 million for 2022), the remainder would “port” over to you. You would then be able to use your own exemption as well as what was left of your spouse’s exemption ($2.06 million using our example) when your estate is probated. These figures only work while the increased lifetime exemption amount is in place.

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