Having Your Cake and Eating it Too Obtaining a Stepped-Up Basis in Irrevocable Trusts By: Cody J. Parks, JD, LLM January 2023 One of the primary objectives in Estate Planning is to maximize the value that passes to your loved ones and minimize the value that goes to the Government. The IRS is well […]
Over the last 38 years of practicing in the Estate Planning arena, I have grown with my clients, intellectually as well as financially. The only attorney who would discount the value of experience would be a young attorney who doesn’t have it. I can say with absolute 100% surety that there is a huge difference […]
I love the Tim McGraw song, “In My Next 30 Years.” Having practiced estate planning for 37 years, I’ve witnessed significant changes in the field. In my first 30 years, estate planning was largely driven by tax considerations—the “estate tax tail that wagged the dog.” With an $11 million exemption per person today, the estate […]
After 33 years of Estate Planning, there remains as much uncertainty today as there has ever been over the future of the Estate Tax. With the recent election under our belt, we are certainly on the heels of a major Tax Act that will decrease the Estate Tax Exemption from $11 million to $6 million. […]
