Recent estate tax regulations have eased planning, especially for most of us whose assets do not exceed the $5.34 million tax exemption. “Portability” permits the surviving spouse to add the unused portion of the exclusion from the deceased spouse to his or her estate tax exemption in the future, thus sheltering more from taxes.

It is important to note that one must elect portability, even for smaller estates below the filing threshold and that the election must be made within nine months of the death (there can be a 6-month extension if necessary). Form 706 must be filed by the executor of estates valued at $5.34 million, but the executor of a smaller estate would be wise to file as well.

For federal tax purposes, the IRS recognizes same-sex marriages that are valid where the marriage took place, regardless of where the couple lived at the time of one spouse’s death.

For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University.

He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.

An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.

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