7 More Family Office Resources:

• Step-Up in Basis Family Office Definition: Step-Up in Basis Step-Up in Basis definition:  The basis is used to determine the amount of taxable appreciation in property when sold. Generally, assets that are inherited are "stepped up" in ...
• Gift Tax Family Office Definition: Gift Tax Gift Tax definition:  A gift tax is applied to the giver rather than the receiver. The receiver does not pay income tax on the gift transfer, but is liable ...
• Loss Carry-Forward Family Office Definition: Loss Carry-Forward Loss Carry-Forward definition:  Investment losses can be used to offset capital gains or a minimal amount is deductible from taxable income. Any losses that cannot be used in a ...
• Taxable Account Family Office Definition: Taxable Account Taxable Account definition:  Taxable accounts are good candidates for leaving to heirs because the holdings are stepped up in basis at the date of death.  Heirs will not be ...
• Special Use Valuation Family Office Definition: Special Use Valuation Special Use Valuation definition:  When the fair market value of farmland greatly exceeds its agricultural value, "special use valuation" may be used for estate tax purposes to lower ...
• Charitable Remainder Trusts Family Office Definition: Charitable Remainder Trusts Charitable Remainder Trusts definition:  (CRT) Charitable remainder trusts are deductible; therefore reducing income and estate taxes. They are not tax-exempt; beneficiaries must pay income tax on income received ...
• Pooled Income Fund Trust Family Office Definition: Pooled Income Fund Trust Pooled Income Fund Trust definition:  Pooled income fund trusts are deductible; therefore reducing income and estate taxes. A pooled income fund is set up by a charitable ...