Category Archives: Step Up In Basis

When Gifting Does Not Make Sense: Stepped-Up Basis

One of the commonly misunderstood (or perhaps unknown) issues to be considered with regard to the gifting/transferring of one’s property is the issue of “step-up in basis.” Internal Revenue Code §1014(a) provides that the cost basis of property for the person acquiring same from a decedent is the fair market value (FMV) of the property at… Read More »

By Brian Miller | Published May 30, 2018 | Posted in Elder Law, Estate Planning, Step Up In Basis | Tagged Asset Protection, Capital Gains Tax, Elder Law Attorneys, Estate Planning, Gifting, Poughkeepsie Elder law Attorney, Stepped Up Basis, Westchester Elder Law Attorney |

Why You Need A Statutory Gift Rider

While many people may have a general understanding that a durable power of attorney (POA) allows a person to appoint an agent to take care of their finances, various issues can arise if the POA is not properly prepared and/or executed. One such issue often arises regarding the Statutory Gifts Rider (SGR), which is essential for… Read More »

By Brian Miller | Published February 12, 2018 | Posted in Advanced Directives, Elder Law, Estate Planning, Medicaid Asset Protection Trust, Medicaid Planning, Power of Attorney, Statutory Gift Rider, Step Up In Basis | Tagged Advance Directives, Asset Protection, Elder Law Attorneys, Estate Planning, Medicaid Planning, Power of Attorney, Statutory Gift Rider, Westchester Elder Law Attorney |