By Matthew T. McClintock, J.D.
Vice President, Education, WealthCounsel
In his 2015 State of the Union Address, President Barack Obama proposed a major change to the tax treatment of inherited assets that could impact many estate plans.
Under the president’s plan, the step-up basis rule for capital gains—pejoratively referred to as the “trust fund loophole”—would end. Currently, capital gains taxes owed on assets held at death essentially disappear.
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