This session will review the background of the increased estate tax exemption and how Section 1014 of the Internal Revenue Code allows a step-up in basis at death. The session will then discuss the following four ways to increase the cost basis: (1) 'upstream' planning, (2) flexible trust drafting, (3) using general powers of appointment and (4) the Delaware tax trap.
To understand that the income tax is now more important than the estate tax for most people due to the increase estate tax exemption.
To discover the numerous ways that a client can obtain an increase in the cost basis at death and eliminate the capital gain tax.
IV, Esq., BS (Accounting), JD, LL.M. (Taxation), LL.M. (Banking Law),
SVP/Family Wealth Strategist,
BNY Mellon Wealth Management
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