What You Need to Understand about Step-Up in Basis At Death
There are several tax concepts that are important for real estate investors, but for many people, step-up in basis is one of the least understood.
January 25, 2020
There are several tax concepts that are important for real estate investors, but for many people, step-up in basis is one of the least understood.
One of the most dramatic scenes in the movie, is the gathering of the Thrombey Family at their father’s estate to hear the reading of the will.
They want to leave their house to all three of the children, but they do not want us to sell the home after they both die. Is there a way they can make it, so the house can’t be sold after their deaths?
Every estate plan should bring you peace of mind, but much more than that, an estate plan is one of the best gifts you can give your loved ones.
Parents may be surprised to learn that without some specific documents in place, they will no longer be able to obtain information or help their loved one should they be in an accident or other situation, where they can’t advocate for themselves.
Do you want to disinherit your loved ones? Then simply name the wrong person on your beneficiary forms. That sounds too simple, yes, but everyday individuals die leaving their financial assets to the wrong person.
It’s very common for spouses to title property they own together as ‘joint with right of survivorship.’ When one passes, the other owns the property outright. It’s simple, easy and automatic. However, it can get messy when the other joint owner isn’t your spouse.
Many people equate estate planning with older people who have more assets and more to protect. However, that doesn’t mean younger people should ignore the benefits of estate planning. According to Caring.com, only 34% of adults ages 35 to 44 have a will and 18% of adults ages 18 to 34 have one.
Passing away without an estate plan is a huge mistake that can tie up your estate for years in probate.
When the ‘Queen of Soul’ Aretha Franklin died last year, it was believed that she hadn’t prepared any kind of estate plan, including a last will and testament. However, a few months ago, three handwritten wills were found in her home near Detroit. Two were in a locked closet and one was stuffed beneath the cushions of a couch!