This will affect very few people in the U.S.
As adjusterjack mentioned, the lifetime gift tax exemption is currently 5.5m. With portability, a husband and wife would theoretically have $11 million that they can pass to the next generation without gift or estate taxes.
As others mentioned, different states have different rules but from a federal perspective (which is likely the most onerous tax), this is a non-event for 99% of the population.
As adjusterjack mentioned, the lifetime gift tax exemption is currently 5.5m. With portability, a husband and wife would theoretically have $11 million that they can pass to the next generation without gift or estate taxes.
As others mentioned, different states have different rules but from a federal perspective (which is likely the most onerous tax), this is a non-event for 99% of the population.