This could be helpful especially if the exemption amount is severely reduced in 2013; an event that is very possible.
There are risks, however, one of which is remarriage. For example, if Dick and Jane are married, and Jane passes away, but only $1M of her $5M exemption is used; then there is an unused portable credit of $4M.
The use of portability requires the filing of a 706 Estate Tax return, something that many surviving spouses would not have had to bother with in prior years. But, the option will have to be considered for decedent's estates over the next couple of years.
DWIGHT EDWARD TOMPKINS
Estate Planning Attorney
This blog is intended for informational purposes only and is not a substitute for legal advice from a qualified attorney in your jurisdiction.