Beneficiaries of inherited land and other capital assets are generally entitled to an adjusted basis (aka a step-up basis) for capital gains tax purposes. However, this exemption must be properly documented. Your executor will want to get advice from his or her CPA about filing the proper tax forms to document an adjusted basis. Form […]
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Trusts, like everyone else, pay taxes when they earn income or sell capital assets for a profit. The tax liability, however, can be shifted to – or more properly retained by – the Grantor (the person creating the trust) if the Grantor retains certain powers identified in IRC Sections 671 – 679. Trusts are frequently […]
