When choosing the direction to take in estate planning, it’s important to consider the impact on income tax basis. This article examines the nature of basis and follows an example from acquisition of property to death and looks how basis is adjusted along the way. Since the property is included at death, the basis receives a step-up to the value of the property at death. Upcoming articles will examine how common estate planning strategies impact income tax basis.
Latest posts by Scott Schomer, Estate Planning Attorney (see all)
- Los Angeles Probate Lawyers Explain Electronic Filing Requirement - September 18, 2018
- Why Should You Create a Special Needs Trust? - September 17, 2018
- What’s a 529 Plan and What Are the Benefits to Using One? - September 10, 2018