Trusts & Estates

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Trusts & Estates

Rev. Proc. 2016-49 Clarifies Relationship Between QTIP Planning and Portability

by Jeramie J. Fortenberry, JD, LLM (Taxation) | Legal Education Faculty, WealthCounsel

Rev. Proc. 2016-491 was issued on September 27, 2016, bringing long-awaited clarity to the relationship between portability and the qualified terminable interest property (QTIP) election under Code §2056(b)(7). It specifies the circumstances under which the IRS will void a QTIP election when the decedent’s estate does not have estate tax liability. By reaffirming the validity of a QTIP election on an estate tax return filed only to elect portability, Rev. Proc. 2016-49 provides clear guidance for estate planning attorneys representing couples that are not likely to have taxable estates.

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