It has always been important to understand basis and track the basis of your assets, since you need to know the basis of any asset you sell or gift during your lifetime. However, changes to 2010 estate tax laws now require you to also ascertain the basis of assets you inherit from a decedent who dies in 2010. This article summarizes key points you should know.
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Tax Law Updates, Wills, Trusts, & Estate Planning Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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