Category: Trust and Estate
IRS provides guidance on using QTIP elections for reducing estate taxes
The IRS has released new procedures that help a taxpayer make the decision on whether to opt for a qualified terminable interest property (QTIP) election to reduce estate taxes. In Rev. Proc. 2016-49, the IRS removed a prohibition on utilizing a...
The benefits of using cost segregation in estate planning
Estate planning for inherited assets often involves managing the step-up in basis for real estate, which affects both estate and income taxes. When a property is inherited, its tax basis is adjusted to its fair market value (FMV) on the...
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