Retaining, Obtaining, and Sustaining Basis

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dc.creatorBerry, Turney P.
dc.creatorLee, Paul S.
dc.date.accessioned2018-05-03T15:31:45Z
dc.date.available2018-05-03T15:31:45Z
dc.date.issued2014
dc.description.abstractArgues that the enactment of American Taxpayer Relief Act of 2012 (ATRA) marked the beginning of a change in perspective on estate planning for high net worth individuals. The large gap between the transfer and income tax rates, which was the mathematical reason for aggressively transferring assets during lifetime, has narrowed considerably. With ATRA's very generous applicable exclusion provisions, the focus of estate planning will become less about avoiding the transfer taxes and more about avoiding income taxes. For new plans, estate planning requires a careful assessment of the income tax benefits of the "step-up" in basis against the transfer tax costs of including the assets in the estate. Maximizing the step-up will become an important tax savings tool for taxpayers and estate planners alike.en_US
dc.identifier.citationTurney P. Berry & Paul S. Lee, Retaining, Obtaining, and Sustaining Basis, 7 Est. Plan. & Cmty. Prop. L. J. 1 (2014).en_US
dc.identifier.urihttp://hdl.handle.net/2346/73642
dc.language.isoengen_US
dc.publisherTexas Tech Estate Planning & Community Property Journalen_US
dc.subjectAmerican Taxpayer Relief Acten_US
dc.subjectATRAen_US
dc.subjectIncome taxen_US
dc.subjectTransfer taxen_US
dc.subjectStep-upen_US
dc.subjectTaxesen_US
dc.subjectHigh net worthen_US
dc.subjectEstate planningen_US
dc.subjectBenefitsen_US
dc.subjectSavingsen_US
dc.titleRetaining, Obtaining, and Sustaining Basisen_US
dc.typeArticleen_US

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