Quote:
Originally Posted by berettafan
You have multiple factors to consider-
1- inherited step up basis goes away if you add your name to deed. At least for your portion of the property.
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Good point. details details
A) Would KC like to spend a few bucks on a loyerer now for planning? Avoiding future probate costs altogether and a whole bunch of extra time spent fuming while big bills are due, but the money is in flux into the unforeseeable future, meanwhile making a powerful friend?
B) Or would he like to absolutely pay more of that money to the gubmint at later time of sale in capital gains, from when the parents bought it back in the 1950s. Because you know any assessor will look and see a gold-plated box.
fwiw- Now is a good time to good time to get POA. Every entity will want that authorization plus a Death Certificate from the county clerk. Get a dozen stamped. Go through photographs together and film their memories. For them. For you and yours. Who is that in the picture? Family trees. Whatever they want to say. Get lists of people to contact for memorials etc. Make a list of major assets and what is their wishes. Figure out accounts so no bill collectors send big letters of garnishment five years from now. Lists. Lists. Lists. A sheet for each type. Also look into Hospice. They can provide everything and know what they are doing.
So much work to do at the worse time. Keep your sanity and make it a smooth transition.