In this episode we explain the step-up in basis: when you inherit assets, heirs receive them at current market value instead of the original purchase price, often wiping out decades of taxable gains. Using a real case where land bought for $40,000 in the 1970s was worth $1.8M at death, the step-up reduced a potential $362,000 tax bill to roughly $10,000.
We cover how the rule applies to real estate and stocks, why account type matters, and why you should consult a Certified Financial Planner to apply the strategy correctly.
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