Mr. and Mrs. Holt made no taxable gifts during their lifetimes. Mrs. Holt died two years ago. Her estate tax return shows that she owed no estate tax and had an $800,000 unused lifetime exclusion. Mr. Hold died in 2016. The lifetime transfer tax exclusion available to his estate is $6,250,000.

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Since Mrs. Holt did not make any taxable gifts during her lifetime and her estate tax return showed no estate tax owed and an unused lifetime exclusion of $800,000, this amount is available to be used by Mr. Holt's estate. Therefore, his estate can use the $6,250,000 lifetime transfer tax exclusion plus the $800,000 unused exclusion from his late wife's estate, for a total of $7,050,000.

Mr and Mrs