In a recent article, Financial Advisor Magazine discussed the September 27th proposal to eliminate the estate and generation-skipping transfer tax (GST), which was presented by the Trump administration. According to current federal law, a client's income-tax basis (in terms of inherited property) is valued on the decedent's date of death. However, the new proposal does not mention basis, which could cause significant income-tax implications. John Shoro from Bowditch & Dewey comments on the proposal at hand in "Estate Tax Repeal Could Reshape Clients' Plans."
To read "Estate Tax Repeal Could Reshape Clients' Plans" visit the full article on the Financial Advisor Magazine website.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
