Capital Gains Tax Planning for Older Americans
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At death there is a step-up (increase) in basis that invites people to hold on to assets rather than sell them. However, not everyone wants to hold on to appreciated assets for the benefit of their heirs’ income tax savings. There are, for most assets, at least a half dozen ways to reduce, defer or eliminate capital gains taxes. These benefit the parent (older American) but do not necessarily harm their heirs. Timing is the most important element in this planning. So if you understand enough about these now, you will listen for the magic words: `You know, I’m thinking of selling my business/building in two to three years.
About our Speaker
Neda Barkhordar is a graduate of UCLA where she completed her degree in 3 years summa cum laude. She received her law degree from UCLA where she completed the Business Law and Policy Specialization in Taxation and earned her LLM in tax from NYU.
At KFB Rice, LLP Neda has advised clients on both regular estate planning, such as pourover Wills and family trusts, and complex estate tax planning involving private annuities, QPRTs, SCINs and GRATs. She has been the primary advisor to clients and their other advisors about the Offshore Voluntary Disclosure Program. Neda frequently works on inbound planning, multi-national planning, and other problems, including innocent spouse, offer-in-compromise and installment agreements. Neda has filed Tax Court petitions and is actively engaged in negotiations with the Internal Revenue Service and the California Franchise Tax Board on behalf of taxpayers with collection and other problems. She has also worked on two large tax-free spin-offs under Internal Revenue Code Section 355.
