Generation Skipping Trusts, also known as GSTs, are an excellent estate planning tool created to avoid double estate taxation at the death of a grantor and the subsequent death of their children. Considering the potential changes in estate tax exemptions coming soon, this type of trust may become an increasingly useful tool in planning for
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What is Step-Up Basis and How is it Beneficial for Trusts and Estates?
What is Step-Up Basis and How is it Beneficial for Trusts and Estates? Step-up basis allows for the tax basis to be stepped up to fair market value upon the transfer of an asset at death. What is basis? The IRS defines basis as “the amount of your capital investment in property for tax purposes.”
Put Your Home in a Trust
Put Your Home in a Trust Owning a home is a quintessential part of the American Dream. During the excitement and joy of signing closing papers and receiving keys, very few homeowners stop to consider how to protect their home in the event they pass away. One way homeowners can protect their homes, amongst other