By: MICHAEL J. SCHAUM*
I. INTRODUCTION: A NEW STRATEGY TO INCREASE BASIS IN APPRECIATED ASSETS
Estate planning attorneys focus most of their practice on passing their client’s wealth down to a designated beneficiary at death. The estate planner’s typical client is a wealthy, high net-worth individual who holds a number of valuable assets. The ultimate goal of an estate planning attorney is to craft an estate plan that allows the client’s assets to avoid probate upon death, minimize income and estate taxes (if applicable), and then distribute the client’s assets to beneficiaries consistent with the client’s intentions.