When the Stepped-Up Basis of Inherited Property Is No More

Richard L. Kaplan recently published an article entitled, When the Stepped-Up Basis of Inherited Property Is No More, Wills, Trusts, & Estates Law ejournal (2022). Provided below is the abstract to the Article:

Written for a symposium on how Trusts & Estates might change in the future, this article considers the implications of repealing the “step-up in basis” rule for inherited property, as President Biden proposed. The article begins by explaining how this century-old tax rule affects gratuitous transfers and then reviews previous repeal efforts before it examines the impact of such repeal on family tax planning, retirement account funding, and charitable donations.