The Wall Street Journal spoke with Beth Shapiro Kaufman concerning tax changes that will affect high-income earners and how to ease the tax burden through the use of sophisticated estate planning tools. The changes include higher tax brackets and capital-gains rates, a Medicare surtax on investment income and new limits on deductions. For the full article, please visit WSJ's website.
Excerpt taken from the article.
Another issue to consider: If the appreciated assets are inherited through an estate, the cost basis steps up to the value on the day of death. Given that $5.25 million is excluded from an estate's taxes, "it may make sense to wait," says Beth Kaufman, an estate lawyer at Caplin & Drysdale in Washington.