At the just concluded University of Miami’s Heckerling Institute, the nation’s leading continuing education program for estate planning, there was no consensus about potential changes to the estate tax (estate tax repeal, sunset, or new regime) or income tax (continuation of step-up in cost basis at death vs. complete repeal of cost basis adjustment at death or other carry-over basis change) under the new administration. The only consensus was that (1) estate plans must be drafted with great flexibility to deal with future change; and (2) estate plans need to be maintained and updated on a regular basis, especially in today’s environment.
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