Estate Planning
“The hardest time to plan for your estate is after your funeral.”
It is a sad fact that many people have neglected planning for what is to happen after their death. A lifetime of hard work may be ruined due to the lack of planning. Even if the decedent’s estate is not subject to Federal estate tax, it may be subject to State estate tax. Also the transfer of assets to the desired heirs could be a problem without a plan even though no estate tax may be due.
Only some of the property inherited from an estate has a “stepped-up basis,” that is, the heir’s new cost is the fair market value at the date of the decedent’s death. For the rest of the property, the heir’s basis will be the decedent’s original cost. Careful and record keeping is a must.
We review our clients’ assets and plan for an orderly transfer to the heirs in a manner that will minimize taxes (both estate and income) and will maximize the fulfillment of the clients’ desires. We will help document the basis of significant assets during the client’s lifetime to avoid these basis problems.
