Portability

New York Estates: QTIP or Portability Election?

Married individuals in New York with a gross estate over the New York applicable exclusion amount but under the federal applicable exclusion amount may be in a QTIP/Portability dilemma. A Qualified Terminal Interest Property (“QTIP”) election, allows estates to qualify for the marital deduction when property is not transferred outright to the surviving spouse. Instead, .. read more