Investment assets acquired from a decedent receive a new income tax basis equal to their fair market value as of the decedent’s death. Until now, a decedent’s beneficiary could claim a basis greater than that reported on the estate tax return, avoiding a capital gain or related income tax on the difference.
The Validity of a trust amendment was at issue in the recent Haggerty v. Thornton opinion from the California Supreme Court, which resolved a split of authority among the California Circuit Courts.
HBZ is delighted to announce the second annual Diversity Scholarship.
If you practice in parts of the United States where wealth is more concentrated, such as New York, Los Angeles and the San Francisco Bay Area, you may very well have clients with taxable estates.