Ben Reach had warned Pete-Bob Dix from the start not to embark on his quest to make money from “portability,” a feature of the federal estate and gift tax law since 2011.
Under portability, a spouse could give to a surviving spouse on death his or her unused gift and estate tax exemption. When Pete-Bob repeatedly asked Ben supposedly hypothetical questions about the portability rules, Ben said, “Do not ask me for advice about “portability.” Ben knew how Pete-Bob’s mind worked and thus the opportunities Pete-Bob saw in “portability” from reading about it in the Wall Street Journal. Read more