Marital exemption — portability
An unlimited marital deduction allows you to leave all or part of your assets to your surviving spouse free of federal estate tax. Portability may allow the first spouse that dies to effectively transfer his or her unused estate tax applicable exclusion amount to the surviving spouse who can then use it for his or her gift or estate tax purposes.
2023 Federal Estate Tax Applicable Exclusion Amount
$12,920,000 Exemption Per Person
40% Federal Estate Tax Maximum Rate
2023 Annual Gift Tax Exclusion
$17,000 Individual
$34,000 Married Couple
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Bloomington, IL