Taxpayer Relief Act of 2012 (ATRA), P.L. 112-240, significantly increased the
federal estate tax exemption in 2014 to $5.34 million (adjusted for inflation)
and made permanent portability of the first-to-die spouse’s exemption. The
change means many families no longer have to worry about estate taxes. But
estate planners who have traditionally overlooked the income tax during
planning discussions now need to examine how that tax intersects with estate
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