The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is 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.
Jennifer Venable is the attorney and owner of the Law Firm of Jennifer N.K. Venable, licensed by the State Bar of California. The cornerstone of her practice is estate planning and administration including trust administration and probate.
Latest posts by Jennifer N. K. Venable (see all)
- SAFEGUARDING THE FUTURE: THE PILLARS OF ROBUST ESTATE PLANNING. - November 7, 2023
- Exploring Elder Abuse - November 1, 2023
- Understanding the Interplay of State Estate and Inheritance Taxes with Federal Estate Tax - November 1, 2023
