Posts By: Jack N. Alpern, Estate Planning Attorney

Income Tax Basis in Estate Planning

Posted by & filed under Estate Planning, legal education.

Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies.