Reported 2 months ago
Recent IRS changes affecting how the step-up in basis applies to irrevocable trusts could significantly alter inheritance strategies. Previously, beneficiaries enjoyed a step-up in basis for inherited assets, but the new rule requires these assets to be included in the taxable estate of the grantor for the step-up to apply. This might complicate estate planning, prompting individuals using irrevocable trusts to reassess their strategies to ensure beneficial outcomes for heirs. Engaging with a financial advisor could be crucial for navigating these changes effectively.
Source: YAHOO