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My friend recently lost her husband. They owned a boarding kennel together, with their residence on the same property. Her attorney said something about if the property is valued at over $333,000+ she would have to pay estate taxes on it. The attorney is sending over a surveyor to have a look at the property to assess the value.

Since the house is her primary residence, would that be considered as part of the business property? Does she inherit at the original cost basis or on the date of death of her husband? She told me that they have a living trust, but she is not sure just what assets are in the trust. There is also a pour over will.

If anyone knows the tax laws on business partnership should one die, I would appreciate your opinion.

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