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.
- The Importance of Advanced Directives – The Terri Schiavo Story - February 25, 2021
- Estate Planning and Protecting Against a Family Dispute - February 24, 2021
- Tax Planning for 2021 - February 23, 2021