The ABA publication Probate & Property features an article discussing the practice of basis harvesting to reduce income tax liability. The article uses as the basis for its argument the formula marital deduction provisions that allow surviving spouses to avoid estate tax at the first spouse's death . The article then suggests that these provisions can also be used to add a basis harvesting provision to trust instruments to reduce income tax liability.
See Terence S. Nunan, "Basis Harvesting," 25 Probate & Property 5 (Sept./Oct. 2011). With thanks to Wills, Trusts & Estates Blog.
Posted by Adam Bair, Associate Editor, Wealth Strategies Journal
See Terence S. Nunan, "Basis Harvesting," 25 Probate & Property 5 (Sept./Oct. 2011). With thanks to Wills, Trusts & Estates Blog.
Posted by Adam Bair, Associate Editor, Wealth Strategies Journal
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