One of the potential tax changes widely discussed is the replacement of the IRC Section 1014 basis adjustment with gain realization at gift, death, and certain other transfers. In this episode of the PFP Section podcast, Bob Keebler and Marty Shenkman share the impact this could have on clients, including:
The difference between funding trusts on a fractional share basis versus a specific amount
Gains that could be triggered right now for clients who have passed away and how to avoid
Why it may be important to fund trusts quickly after death going forward
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This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at courses.zizhanggui.com/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.
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