Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies.
Income Tax Basis in Estate Planning
Latest posts by Courtesy of Parman and Easterday (see all)
- 529 Plans: Planning for Education with a Tax and Asset Protection Bonus - July 14, 2021
- What is an ABLE Account? - July 7, 2021
- The Role of the Estate Planning Attorney - June 30, 2021
