Trusts & Estates
The Basics of Basis: How It Works
by Jeremiah H. Barlow, JD | Trusts & Estates Law Faculty, WealthCounsel
Before the American Taxpayer Relief Act’s (ATRA) enactment in 2013, estate planning attorneys focused primarily on how to avoid the impact of estate tax.
What a difference a few years makes! Today’s post-ATRA environment is one with increased income tax rates and significantly higher federal transfer tax exemptions. In 2015, the estate tax exemption is $5.43 million, which applies to only .2% of deceased Americans. In this new estate tax landscape where income tax has effectively become the new death tax, today’s estate planning professionals should consider income taxcentric strategies; most notably, leveraging the step-up in basis.
With 2015 drawing to a close, now is the time to learn more about basis and why it is important to talk to your clients about it to help minimize their tax burden. Please download this Insight Brief for "The Basics of Basis" and then explore how Wealth Docx provides you all the options and guidance you need to effectively plan for your clients under this new "death tax."
Complete the form to get your free guide
Related Resources
2021 Tax Cheat Sheets for Clients and Prospects
Download our free tax filing cheat sheets to give to your clients and prospects.
Learn More
Irrevocable Trust Gifting Trust Sample
Download our Irrevocable Trust Gifting Trust Sample and see how Wealth Docx(R) makes drafting gift trusts simple.
Learn More
Tax Reform is Here: What You Need to Know to Advise Your Clients
The 2017 tax reform package is the most significant change to tax law in a generation. Find out what it means for estate planning and business clients in this in-depth thought paper.
Learn More