BHMK Law’s physical office is now open and operating on a modified basis. Most of our attorneys and staff have returned to the office and are on site to serve your needs, while those who are not continue to work remotely and take advantage of the technology investments we have made over the last few years. We are limiting the number of persons in the office at one time and have created special protocols around client visits to the office. Please discuss your needs and our protocols with your attorney or staff member. We are proud to continue to serve you at this time and continue to prioritize the health and safety of our clients, staff, and attorneys.

Double step up basis planning by Bob Buechner – OSBA Certified Estate Planning Specialist

| Oct 21, 2014 | Estate Planning |

Our clients’ estates have always benefited from a step up in basis at the time of death. This means that assets included in client estates can receive a basis which is equal to the fair market value at date of death. This can be very beneficial for clients whose assets have appreciated significantly, such as with appreciated securities and real estate investments subject to depreciation.

Because a step up in basis can be so beneficial, BHMK has devised a method to enable the assets that are in both husband’s and wife’s trusts to receive a step up at the death of the first spouse for all assets, as well as a step up at the passing of the second. This approach can be especially valuable for estates that are less than five million dollars in value and enables clients to receive full income tax advantages with substantially reduced risk of federal estate taxes.

In order for the double step up to occur, specific language needs to be included in each trust and the two trusts need to be funded with assets owned by the married couple so that these assets will be subject to the double step up benefit.

In consultation with an experienced financial advisor in our community, BHMK has been informed that we are one of the few law firms to be doing such planning for our clients

Should you have questions or interest in discussing your estate planning needs, please contact one of our experienced estate planning attorneys to determine the plan that will best fit your needs.

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