What about NUA in a 401k? I will get to put that into a regular brokerage account after I pay the cost basis when I choose to move it out. Will my heirs get a step up? Yes i am in a community property state.
Paul-enjoy your videos! I jointly owned a home (with rights of survivorship) with my partner, who passed in 2022. Is there a step up in basis of the home?
Hey Paul. Love the channel. I know everyone uses the example of an “appreciated” asset, but doesn’t it work both ways? If you elected to do a step up, the new basis is the value at death, which includes the value of an asset that has actually gone down in value. You have to step up/down all assets, as I understand. Let me know how wrong (or correct) I am. Thanks again for the vast info you provide.
Paul, can you respond to really clarify comments regarding Family Revokable Living Trust that have instructions that upon 1st spouse's death, that half "automatically" converts to an irrevocable trust. (52:25) Does that half get a step-up in basis because before death the asset is in a revokable trust and therefore in their estate? I hear loud and clear that appreciated assets, from the get go, in an "irrevocable" trust do NOT get the step-up treatment for tax purposes. If the estate is LESS THAN $13.6mm or even $7mm, why have that half of of the deceased spouse estate convert to an irrevocable trust? Seems like that would never make sense?
General Question about living trusts .Can married couples who fund their home into a living trust, can still get the married couple capital gains exemption of $400,000 if they sell their home thats now in a living trust ?
I have a quit claim deed that transfers, the property from my mother, to myself upon her death how will I be taxed once she passes and I record the deed. I am in Michigan
I believe title companies hate Quitclaim deeds. QCD doesn't protect or warrant the deed holder. QCD may negatively impact the chain of title/record (cloud the title). Maybe only a TX thing.
The BEST evidence for the IRS is an opinion of value by a certified real estate appraiser. As an alternative some use a comparative market analysis (CMA) by a real estate broker/agent. That CMA could be backed up by a reasonable sample of appraised values from your county's central appraisal district tax roll.
The BEST evidence for the IRS is an opinion of value by a certified real estate appraiser. As an alternative some use a comparative market analysis (CMA) by a real estate broker/agent. That CMA could be backed up by a reasonable sample of appraised values from your county's central appraisal district tax roll.
Great video. Thank you for educating me on this topic.
Are there new rules added to living trust for 2024? Concerning capital gains.
Bedrock was next to Hollyrock which is obviously in Californirock.
I think the cartoon had Pebbles and BamBam marrying. So, your examples still work.
I learned something today, thank you.
What about NUA in a 401k? I will get to put that into a regular brokerage account after I pay the cost basis when I choose to move it out. Will my heirs get a step up? Yes i am in a community property state.
Love your blogs. Thank you.
Paul-enjoy your videos! I jointly owned a home (with rights of survivorship) with my partner, who passed in 2022. Is there a step up in basis of the home?
Hey Paul. Love the channel. I know everyone uses the example of an “appreciated” asset, but doesn’t it work both ways? If you elected to do a step up, the new basis is the value at death, which includes the value of an asset that has actually gone down in value. You have to step up/down all assets, as I understand. Let me know how wrong (or correct) I am. Thanks again for the vast info you provide.
Where does life insurance go?
Do beneficiaries of Ibonds get a step up basis?
Paul, can you respond to really clarify comments regarding Family Revokable Living Trust that have instructions that upon 1st spouse's death, that half "automatically" converts to an irrevocable trust. (52:25)
Does that half get a step-up in basis because before death the asset is in a revokable trust and therefore in their estate?
I hear loud and clear that appreciated assets, from the get go, in an "irrevocable" trust do NOT get the step-up treatment for tax purposes.
If the estate is LESS THAN $13.6mm or even $7mm, why have that half of of the deceased spouse estate convert to an irrevocable trust? Seems like that would never make sense?
Residence exclusion is only $250'000 if single?
What about the limit on amount you can gift to 1 person/year without tax implications????
What if your children hold it until death is it locked at the step up basis or can it be stepped up again
General Question about living trusts .Can married couples who fund their home into a living trust, can still get the married couple capital gains exemption of $400,000 if they sell their home thats now in a living trust ?
"My favorite uncle Sam" Hahahahahahaha... Most hated uncle is more like it :-)
When the person received the Real Estate from a Trust, how does IRS knows and accepts the step -up basis amount ?
I have a quit claim deed that transfers, the property from my mother, to myself upon her death how will I be taxed once she passes and I record the deed. I am in Michigan
Shinners and Cook are in Saginaw, Michigan. They are real experts on such topics related to estate law in MI.
Check out a ladybird deed , no probate and no inheritance tax .
Ladybird deeds are allowed in Michigan but there are only about 5 states that allow the use of this type of deed.@@beckymuska2620
I believe title companies hate Quitclaim deeds. QCD doesn't protect or warrant the deed holder. QCD may negatively impact the chain of title/record (cloud the title). Maybe only a TX thing.
Who decides what the mail market value of a property was at the time of death? Help!
When someone dies, who decides what the fair market value is on a piece of property to determine what the step up in basis will be?
The BEST evidence for the IRS is an opinion of value by a certified real estate appraiser. As an alternative some use a comparative market analysis (CMA) by a real estate broker/agent. That CMA could be backed up by a reasonable sample of appraised values from your county's central appraisal district tax roll.
Like the info. But it takes way too long you to actually get to the point. For better and worse, many like me don’t have the time to wait around…
Barney and Betty died so Fred and Wilma adopted Bam Bam.
Who decides what the fair market value of real estate was at the time of death .help!
The BEST evidence for the IRS is an opinion of value by a certified real estate appraiser. As an alternative some use a comparative market analysis (CMA) by a real estate broker/agent. That CMA could be backed up by a reasonable sample of appraised values from your county's central appraisal district tax roll.
I got to 58 min. pre recorded and there was 17 ads!! Too distracting and annoying.