President Joe Biden is proposing to eliminate “stepped-up basis” on property transferred at death. Under his plan, transfer of an asset by gift or bequest would subject unrealized gain to capital gains tax at the time of transfer. This change, which reverses a century of tax law, would have far-reaching ramifications for advisors and their clients.

This paper delves into the implications of a repeal of stepped-up basis, and sets out strategies advisors may consider to mitigate the effect of this potential change.

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