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.
2- what sleazy attorneys euphemistically call 'medicaid planning' doesn't appear to be considered here.
You NEED to understand the implications of BOTH before putting your name on anything beyond a checking and savings account.
|
As to the basis step up, not that simple. If the joint interest was gifted, you still get the step up.
https://www.linkedin.com/pulse/understanding-joint-tenancy-tax-griffin-bridgers/
But there are complications, none of which LIKELY apply to KFC's case. First, for estate tax purposes its all still in the decedents estate (but there's a 27 million tax exemption for couples currently). Second, its complicated as to investment property and depreciation, but this is the family home.
And yeah, this isn't a Medicare dodge.