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View Diary: Why there will be no estate tax. (12 comments)

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  •  I don't know if this on the IRS radar screen, (3+ / 0-)
    Recommended by:
    grubber, virginislandsguy, Sylv

    but it should be.  one of the things I'm going to vet shortly is estate planning for the step-up.  say I have a wealthy client whose with an elderly parent that isn't wealthy.  if we can get assets into the parent's taxable estate, the assets can be stepped up.  

    since the IRS usually wants to make it easier to get assets into the taxable estate (to get more estate tax revenue) rather than keep assets out of the taxable estate (estate tax credit amounts haven't been large enough in the past to make this a terribly viable strategy), it should be fairly easy to get some big tax savings by turning the tables on the IRS and generating stepped up basis.

    I'm sure I'm not the only one out there thinking along these lines, so I hope the IRS is thinking about it.

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