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Estate Planning › Tax Planning › Step-Up Basis

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -
Rivkin Radler LLP

Don’t Give Your House to Your Children (While You’re Alive)

Rivkin Radler LLP on

Many of us would like our children to inherit our home once we are gone. More than a few of us think it makes sense to give our home to our children while we are still living. That is not a good idea! Here’s why. Loss of...more

Davidoff Hutcher & Citron LLP

Unsure of Stepped-Up Basis? Here is a 5-Point Primer

Davidoff Hutcher & Citron LLP on

Stepped-up basis is a tax law that applies to estate transfers when a person receives an asset from a giver after a benefactor passes away. In those circumstances, the asset receives a “stepped-up” basis – which is the market...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall: You Sell Real Estate for $1

Adler Pollock & Sheehan P.C. on

Someone may have told you a story along these lines: Years ago, my grandfather bought land along the shore in (fill in a desirable resort area) for $1,000. He built a vacation home on the property for $50,000 and his family...more

Lathrop GPM

Estate Planning 2022 Federal Tax Update

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As we start the new year, this Federal Tax Update highlights estate planning-related federal tax information that may be helpful as you consider planning options for 2022. Because Congress could pass legislation that changes...more

Whitman Legal Solutions, LLC

American Families Plan and Real Estate Investments – 1031 Exchanges

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This article is part of a series discussing how the American Families Plan might affect real estate investments. Previous articles discussed how the American Families Plan proposes eliminating the stepped-up basis for many...more

Whitman Legal Solutions, LLC

Re-Evaluating Real Estate Dispositions Under the Biden Tax Plan

Whitman Legal Solutions, LLC on

How Real Estate Investment is Like Buying Violins - Real estate investors also frequently gradually increase in size and price of their assets. A real estate investor might start small with a single duplex. When they sell...more

Burr & Forman

New Tax Changes That Might Affect Your Estate Planning Strategy

Burr & Forman on

While there are many new tax policy implementations that may be imminent with the new Biden administration, there are two changes in particular that estate planning attorneys are watching closely. These include (1) a...more

Bowditch & Dewey

When to Take Advantage of a Spousal Lifetime Access Trust (SLAT)

Bowditch & Dewey on

Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more

Cozen O'Connor

The Clock Is Ticking on Estate and Gift Planning

Cozen O'Connor on

November’s election results could have a profound effect on the estate and gift tax laws. Among a number of significant issues are...more

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