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Saturday 20 July 2024 05:30:54 GMT
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![Step-Up in Basis: What Most People Get Wrong (and why you should care) I love how this post made a dry tax topic fun — But let’s get a few things straight. When it comes to passing assets from you → your heirs, the how matters just as much as the what. Here’s the quick breakdown 👇 Transfer at Death — via: 📜 A will. ❌ Intestate succession (no will at all). 📂 A revocable trust. → The new owner gets a step-up (or step-down) in basis. → Based on the asset’s fair market value at the date of death. ✅ This often reduces future capital gains tax when the asset is sold. Transfer during life — via: 💰 A sale → Resets basis at sale price (potential tax trap). 🎁 A gift → Carries original basis forward (another potential tax trap). In other words — trying to “give it away now” can create big tax problems later for your heirs. Now here’s where I love using revocable trusts — Not just for step-up in basis (you get that through other channels too)… But because of the control a trust gives you: 👨👩👧 Bloodline provisions — to keep an asset in the family, and out of your kids’ divorce court. 🔒 Spendthrift clauses — to protect assets from creditors or irresponsible heirs. 🧭 Long-term management — so you define how wealth gets used (even generations down the line). Bottom line: It’s not just about taxes. It’s about legacy, control, and intention. But trust strategy is never one-size-fits-all. You need the right structure for your life, your family, your goals. If you want to know what that looks like? 👇 Drop the word apply, and let’s see if we’re a fit to work together. Credit (IG): Pamela Garrett — [@lawmotherco] SF0699](/video/cover/7512953379849587999.webp)