MEPC Meeting - Cost Basis of Assets

Date: Tuesday, February 28, 2023
Time: 4:00pm - 5:30pm
Location: Virtual Meeting - Zoom
Speaker: Barbara Wheaton, Esq. and Griffin Leschefske, Esq. (Pierce Atwood)

Barbara Wheaton and Griff Leschefske of Pierce Atwood will present on the federal income tax basis step-up under IRC Section 1014 and strategies to maximize this important deathtime, tax benefit. Estate planning advisors and professionals frequently focus on maximizing efficient lifetime giving in order to reduce the value of a decedent’s taxable estate.  With the federal and Maine estate tax exemptions at all-time highs, however, careful and deliberate basis step-up planning to reduce or eliminate capital gain should be part of the discussion for both estate taxable and non-taxable clients. Barbara and Griff will discuss key concepts in the tax law and offer practical and theory-based strategies for consideration. 

Barbara Wheaton - Barbara concentrates her legal practice on estate planning, estate and trust administration, charitable giving, and related disciplines. Barbara's clients include high net worth individuals, business owners, family offices, charities and fiduciaries. She represents her clients' interests in probate proceedings involving trustee or executor duties, guardianships, trust administration and reformation, and contested estate administrations. Barbara also works extensively with nonprofit organizations, helping them obtain and retain their tax exempt status. She provides effective solutions to the tax and regulatory problems frequently confronting private foundations and public charities. Barbara speaks frequently to nonprofit boards about best governance practices and tax compliance.

Griff LeschefskeGriff’s practice centers on estate planning, charitable giving, and probate, trust, and fiduciary litigation, in which he represents individuals, families, fiduciaries, and institutional clients in all aspects of trust and estate planning, administration, and controversy. Griff also represents charitable organizations, educational institutions, and corporate clients with respect to planned giving and philanthropy matters. Griff provides counsel on wealth transfer and charitable planning, including through the use of sophisticated, tax-focused planning strategies, and planning for special assets. Griff also represents clients faced with unexpected trust and estate administrative problems arising after death, whether in the nature of under-performing or inappropriate estate plans, late tax elections, domicile issues, or ambiguous provisions. Griff has notable experience with trust and estate litigation, where he provides comprehensive, solution-focused representation at all phases of controversy, drawing upon hands-on experience with sophisticated trust, estate and charitable planning to the strategic advantage of his clients.

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