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.
HBH is pleased to welcome Andrew Zabronsky and Anthony Matricciani
Married couples often don’t give much thought to the characterization of their property as community or separate. In general, community property is all real or personal property acquired by a married person during the marriage. Separate property is all property owned by the person before the marriage, all property acquired by the person after marriage by gift, bequest or devise, and the rents and profits from the person’s separate property.
Discussion regarding California’s new Uniform Trust Decanting Act, effective January 1, 2019.