The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which are not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. Read more to learn more about this ruling and how to qualify for one of the biggest tax loopholes.
Attorney at German Law
Raymond J. German provides a wide range of estate planning services to his clients, with a primary focus on creating peace of mind providing for the security of their loved ones, reducing taxes and avoiding a probate, all with a well-crafted estate plan. Mr. German defines the mission statement for German Law as “Helping one family at a time pass on values, beliefs and finances, that can be shared for generations to come.”
Latest posts by Raymond German, Estate Planning Attorney (see all)
- Why a Pre-Paid Funeral Contract Might Not Be the Best Option - December 7, 2023
- The SECURE Act – the Gift That Keeps On Giving - December 5, 2023
- How Does My Age at Retirement Impact My Social Security Benefits? - November 30, 2023
