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Does portability apply to lifetime gifts? (A) Yes, since lifetime gift tax exclusion and the estate tax exclusion are expressed as a total amount, it
Does portability apply to lifetime gifts?
(A) Yes, since lifetime gift tax exclusion and the estate tax exclusion are expressed as a total amount, it is possible to use this exclusion to transfer assets at either stage or a combination of the two.
(B) No, portability only applies to estate transfer tax system.
Can you provide a detailed explanation for your answer? Please only answer if you have a strong background in estate planning.
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