by Justin M. Kennedy, Attorney at Law Litherland, Kennedy & Associates, APC, Attorneys at Law Recently I met with a client, Tammy, who wanted to immediately gift her home to her son, Eugene. Even though Tammy already had a comprehensive estate plan with our office that included a Living Trust, Tammy had talked with her friends who suggested gifting the home now was in her best interests. When I asked more questions, Tammy shared that one of her friends, Mike, had died without a Living Trust … [Read more...] about Gift Now or Let Them Inherit?
Income Tax Basis in Estate Planning – Part 2
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. When considering different estate planning strategies and which direction to take, it’s important to consider the impact on basis. “Basis” is the benchmark used for income taxation. What does income tax basis have to do with estate planning? Property included in your taxable estate at your death gets a “step-up” in basis to its value at your death. (Certain … [Read more...] about Income Tax Basis in Estate Planning – Part 2
Basis is Important in Estate Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. When considering different estate planning strategies and which direction to take, it’s important to consider the impact on basis. “Basis” is the benchmark used for income taxation. What does income tax basis have to do with estate planning? Lots! Property included in your taxable estate at your death gets a “step-up” in basis to its value at your death. (Certain … [Read more...] about Basis is Important in Estate Planning
