7 More Family Office Resources:

• Carry-Over Basis Family Office Definition: Carry-Over Basis Carry-Over Basis definition:  The basis is used to determine the amount of taxable appreciation in property when sold. Generally, the donor's cost basis carries over to the donee for ...
• 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 ...
• 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 ...
• Tax-Efficient Asset Allocation Family Office Definition: Tax-Efficient Asset Allocation Tax-Efficient Asset Allocation definition:  Tax-efficient asset allocation refers to the practice by wealth managers to place more tax-efficient investments (such as long-term stock holdings) in taxable accounts and ...
• Intentionally Defective Grantor Trust Family Office Definition: Intentionally Defective Grantor Trust Intentionally Defective Grantor Trust definition:  (IDGT) is an irrevocable trust that allows assets to appreciate without being subject to capital gains or transfer taxes when the assets ...
• Charitable Lead Trusts Family Office Definition: Charitable Lead Trusts Charitable Lead Trusts definition:  (CLT) Charitable lead trusts are deductible; therefore reducing income and estate taxes. They are not tax-exempt.  A charitable organization receives annual income from the ...
• 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 ...