The incoming administration's potential modifications to the tax code could dramatically change estate planning strategies. Lawyers should have options ready for their clients to address repeal of the estate and gift taxes, among other potential changes. Practitioners should also be prepared to advise clients on using trusts for blended families and engaging in basis planning for real estate assets.
- Provide for a stepped-up basis when distributing real estate upon death
- Develop a strategy for clients in the event of a tax repeal
- Advise clients with blended families on using joint trusts