![]() Most important, evidence is mounting that the IRS is well aware that creative step- up techniques will, in many cases, wipe out revenues from capital gains taxes. As with any legal documents, the taxpayer's attorney should be consulted to determine whether modifications could be made without compromising nontax advantages, such as divorce or creditor protection.Įstablishing a higher tax basis for assets from an estate might be a major tax saver however, estate planners and beneficiaries need to be aware that some strings may be attached.
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