What Is A “Step-Up Basis” and Why Does It Matter?
June 29, 2021
How does step-up basis impact capital gains tax impact an inheritance?
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How does step-up basis impact capital gains tax impact an inheritance?
Many states have moved away from taxing assets after people die because of the harm to family businesses and farms. However, a new proposal before state lawmakers would double Illinois’ estate tax.
Medicare is designed to help pay for healthcare costs for seniors once they turn 65. While it covers a number of healthcare expenses, it doesn’t apply to costs associated with long-term care in a nursing home.
Gifting stock to family members may lack the pizzazz of leaving a luxury car adorned with a bow in the driveway, but it’s a gift that can add value to their lives long after most other gifts have been forgotten.
Remember that a will goes through probate, so a husband and wife typically try to avoid it by using joint ownership or beneficiary designations. However, they’re often mistaken by believing the will still controls their estate.
Can an owner of a timeshare will the timeshare back to the timeshare corporation and does the corporation have to accept it?
Even those with thorough estate plans might have neglected to discuss details with potential heirs.
What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage?
Life insurance is an essential part of estate planning. When you buy life insurance, it’s important to make sure the policy payout will be enough to take care of your loved ones.
Most people can’t wait for retirement, and even more would likely opt for some form of early retirement, if they had the opportunity. Whenever you ultimately decide to cut down your time at work or leave the workforce altogether, you need to ensure that you have a full slate of estate planning documents in place.
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