Quote:
Originally Posted by icemann427
Perhaps put the property into a Trust, with you as the successor Trustee.
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Quote:
Originally Posted by greglepore
If its a trust, it must be revocable to preserve the step up in basis.
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True about the revocable trust and can work this way in a irrevocable trust under conditions (property).
California is a community property state, so when a spouse dies, their share of community property receives a step-up in basis.
The surviving spouse's share also gets a step-up at that time, leading to what is known as a "double step-up".
When the surviving spouse later passes away, the entire asset gets another step-up, which can significantly reduce capital gains for the final beneficiaries.
NC apparently follows that closely. Listen to us, the PPOT lawyers at large.
(Disclaimer, I am not giving legal advice.)