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
- What an In Terrerem Clause Can Do for You - May 18, 2022
- Let’s Talk about Trusts…and Taxation - May 11, 2022
- Application of the Transfer for Value Rule to the Sale of Life Insurance - May 4, 2022