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On March 29, the IRS issued Revenue Ruling 2023-02. The ruling concludes that the basis of an asset in an irrevocable grantor trust is not adjusted to its fair market value (i.e., stepped up) on the date of the original owner’s death.
Some estate planners have argued the opposite: That the trust’s assets do receive stepped-up basis, even though they are not included in the estate for estate tax purposes. The ruling could have a significant impact on tax planning for certain business owners.
The IRS action comes on the heels of a March 20 letter sent by Senators Bernie Sanders (I-VT), Elizabeth Warren (D-MA), Sheldon Whitehouse (D-RI) and Chris Van Hollen (D-MD) urging the IRS and Treasury Department to crack down on estate planning techniques that they argue “help the ultra-wealthy dodge taxes.”
For more information contact Phillips Hinch at phinch@icsc.com.