Top View of a Gray and White House on a Green Grass With a Little Lake at the Back.

Swap Power for Basis Management

Swap Power Swap Power for Basis Management – Assets such as property or accounts gifted or transferred to an irrevocable trust do not receive a step-up in income tax basis at the donor’s death. Gifted assets instead retain the donor’s carryover basis, potentially resulting in significant capital gains realization upon the subsequent sale of any…