Carryover Basis

After speaking to a variety of experts, it appears there is some possibility that estates electing into the ‘modified carryover basis’ will have a different cost basis for AMT and for regular income tax purposes. For those estates affected…

We all know the impossible has happened: no estate tax, no generation-skipping transfer (GST) tax and no “step-up” in basis for those who die this year. Many thought and continue to think Congress will do what many of its most prominent…

WTP has provided since 2001 for an alternate disposition of the estate of a married person in the event there would be no Federal estate tax but a carryover basis system in effect when the individual died.

The importance of elder law planning has grown as the costs of long-term health care continue to spiral out of control and insurance companies continue to cover fewer and fewer of these needs. Failure to plan ahead may mean the loss of…

2009 will represent a watershed year for estate planners and their clients due to the increase in estate and generation-skipping tax exemptions to $3,500,000.

In the 2001 Tax Act (known as EGTRRA), many changes were made to the estate tax system including increasing the exemption for this year to $3.5 million, lowering the top rate to 45%, eliminating the state death tax credit and culminating in…

Under current law, the federal estate tax will be eliminated for the year 2010. The income tax "step-up" in basis rule for most property included in a decedent's estate also is eliminated for that year. Rather, the decedent's basis "carries…

Under current law, the Federal estate tax will be eliminated for 2010. The income tax "step-up" in basis rule for most property included in a decedent's estate also is eliminated for that year. Rather, the decedent's basis "carries over" to…

It has long been accepted as nearly axiomatic, from a wealth tax planning perspective, that lifetime gifts and other transfers are more efficient than deathtime transfers. Two common reasons account for this.

In recent years, some practitioners have been advising clients to make installment sales of assets to a grantor trust to achieve certain estate planning results. If the trust documents are appropriately drafted and the trust carefully…