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With the passage of the Tax Cuts and Jobs Act (TCJA) in December 2017, the nearly doubling of the lifetime estate and gift tax exemption (currently $11.4 million in 2019) shifted the focus for many from estate tax planning to income tax planning. A wide range of income tax planning techniques can now be used under the TCJA, and it is important to explore these income tax planning techniques as a part of the estate planning process.
In a recent edition of Estate Planning Magazine, attorney Elizabeth Pack covers techniques for managing low-basis assets to achieve a step-up in basis. These include unwinding trusts, asset swapping, and planning methods using members of an older generation. In addition, the article addresses other income tax planning techniques in the beneficiary deemed owned trust section.
Click here to read the full article.