Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Second of all, you say she had no "estate" after her death. If that's the case, it sounds like the house was all she owned. Unless it was a VERY valuable house, then, it was probably worth less than the estate tax exemption, and thus wouldn't have been subject to estate taxes anyway...AND you would still receive that step up in cost basis. So unless this is a multi-million dollar property, I don't see why this strategy was even necessary in this case.
#29
---------------------------------------

The house was worth about $75K, our (her children) names were on all of her accounts. After her death we didn't need an attorney or even a will for that matter and transferring the house into our names with her name removed was extremely easy.

- John
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.