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Traditional thinking has always been that seniors should not sell or give away their appreciated assets. If you donate appreciated assets, the donee receives them at a carry-over basis. The thought has been - particularly if your estate will not be required to pay estate tax - keep those appreciated assets and allow your heirs to inherit them at a stepped up basis.

While at the time that this is posted, we don't know who will win the 2020 presidential election, presumptive Democratic nominee Joe Biden has stated that he plans to increase the capital gains tax rates and eliminate the step up in basis.

So IF we knew that would happen, wouldn't it make sense to sell those appreciated assets now while the capital gains tax is roughly half of what it may become, particularly if we knew the step up in basis would be eliminated. I realize that your predictions of what the market will do may also factor in your decision to sell appreciated assets.

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This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.

Paul Rabalais
Estate Planning Attorney