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
Events & Public Relations Manager at Sterling & Tucker
Terri Owada is the Events and Public Relations Manager for Sterling & Tucker.
Latest posts by Terri Owada (see all)
- Donor Advised Funds: Too Good to Be True? - September 1, 2021
- Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification - September 1, 2021
- Changing “Irrevocable” Trusts Through Decanting - September 1, 2021