The recent devastating fires on Maui have left us deeply saddened. The suffering of all those affected weighs heavily on our hearts. Sterling & Tucker, LLP has been assisting Maui residents for over 20 years. Our dedicated team of attorneys is here to provide unwavering support and guidance during this unparalleled time. In an effort to support the fire relief efforts on Maui, we have made a donation to the Hawaii Community Foundation’s Maui Strong Fund in honor of our treasured clients on Maui.

Income Tax Basis in Estate Planning

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.