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.
Basis is Important in Estate Planning
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Latest posts by Scott Schomer, Estate Planning Attorney (see all)
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