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Lots of new tax proposals out there under the new administration and Congress. One of the suggested tax proposals is to eliminate the step up in basis rules.

If the step up in basis rules remain, older Americans will continue to own those assets because the step up in basis rules discourage one from realizing those gains. They will pass those assets along to the next generation at the new steppedup basis, allowing significant capital gain to go untaxed.

If the step up in basis rules are repealed, we will likely see more sales of appreciated assets since it will not be possible to pass along an appreciated asset at a stepped up basis.

An eliminate of the step up in basis rules will create significant accounting problems. Sellers of appreciated and inherited assets will have to determine the value of those assets on the date the assets were originally acquired a date which could be many decades earlier.

For prospective law firm clients who want to schedule a free 30 minute initial phone call with Paul Rabalais, go to: https://go.oncehub.com/Paul8

This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.

Paul Rabalais
Estate Planning Attorney