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AICPA ENGAGE 2019


EST1911 - Different Ways to Bump up Your Cost Basis


Jun 11, 2019 9:30am ‐ Jun 11, 2019 10:20am

Description

The increase in the federal estate tax exemption means that very few estates will actually pay an estate tax. However, the ability to “step-up” the cost basis of assets under Section 1014 is still available and can result is significant income tax savings. This session will explore the how to structure estate plans to take maximum advantage of the Section 1014 basis increase. We will discuss the techniques that can be used to get an increase in cost basis for assets held in irrevocable trusts and what trust provisions CPAs will encounter going forward. Among the topics discussed will use of flexible discretionary provisions in trusts, use of formula general powers of appointment tailored to make the most efficient use of the basis step-up and an overview of the Delaware tax trap as a basis adjustment technique.

Learning Objectives:

  1. Learn how Section 1014 basis adjustment works and its pitfalls.
  2. Learn how formula general powers of appointment will be drafted into trust documents, what they mean, why they are included in the trust document, how to recognize the language and how they operate to generate a basis adjustment.

Speaker(s):

  • Jeremiah W. Doyle, LL.M. (Taxation), Senior Vice President, BNY Mellon Wealth Management
  • Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA , Partner, Keebler and Associates, LLP
Tags: EST CFP

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