When choosing the direction to take in estate planning, it’s important to consider the impact on income tax basis. This first of a two part article by my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, 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.
- Estate Planning and Philanthropy: Leaving a Charitable Legacy - February 28, 2024
- The Role of Disability Insurance in Estate Planning - February 26, 2024
- Preparing for the Probate Process: What Families Should Know - February 24, 2024