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The new law allows the heirs and beneficiaries of the decedent to receive the property inherited at its fair market value on date of death, thus being able to avoid capital gains taxes unless the property or assets are sold for more than their date-of-death fair market value.
Westport attorney Shelby L. Wilson of Berchem, Moses & Devlin P.C. writes on the federal estate tax and the importance of planning in the wake of the fiscal cliff legislation passed in early January.