Big Picture Retirement

In this episode, we dive into the recent IRS revenue ruling that has the financial and estate planning communities buzzing. The possibility that trust accounts may no longer benefit from a step-up in basis has caused some panic among individuals who have used trust planning as the cornerstone of their estate plans. For decades, the step-up in basis has been a cornerstone of estate planning, allowing assets to pass on to heirs with a new cost basis set at the date of the original owner's death. But what does this new ruling mean for the future of estate transfers, wealth management, and tax implications? Join us as we unpack: A brief history of the step-up in basis and why it’s significant. An overview of the IRS revenue ruling in question. Potential implications for trust accounts and their beneficiaries. If you're trying to understand what this could mean for your family's future, this episode promises to shed light on a topic that could reshape the estate planning landscape. If you’re thinking "I love the