The Impact of Estate Tax Repeal on Elder Law

Loss of Stepped-Up Basis Means Carry Over Basis As things stand now (February 11, 2010) stepped-up basis in inherited assets has been drastically curtailed.  The estate tax went into automatic repeal on January 1, 2010, and with it went the stepped-up basis rules.  Whether those rules come back, and if so in what form and when, depends totally on Congress. How Congress handles that could tremendously affect the country’s middle class elderly and their families who have counted on the ability to leave assets to younger generations at a tax … [Read more...]