SCORE Maine Tax Forum

Join Verrill attorneys Karen Holyoke, Nathaniel Putnam, and Alexandra Stanley for Day 2 of SCORE Maine’s Tax Forum, taking place November 4-5, 2026. Karen, Nat, and Allie will present on “The Great Basis Reset: Modern Income Tax Basis Planning in the Era of Large Estate Tax Exemptions.” 

For decades, estate planning focused on minimizing federal estate taxes by removing appreciating assets from a client’s taxable estate. In today’s era of historically large federal gift and estate tax exemptions, however, income tax basis planning has become an increasingly important objective, with practitioners often seeking opportunities to preserve or intentionally restore low-basis assets to a client’s taxable estate so they will receive a basis adjustment under IRC §1014 at death. This presentation examines the evolving role of basis planning, explores common strategies for achieving favorable basis adjustments, and highlights practical considerations for balancing income tax and transfer tax objectives in modern estate planning.