Agent

Stepped-up basis good for inheritors

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DEAR BOB: I am fascinated with the topic of "stepped-up basis" to market value for inherited properties, which often comes up in your articles. Now I see why you constantly advise parents not to add their adult children to their home titles because doing so would deprive them of the new stepped-up basis. Two questions: (1) does stepped-up basis apply to properties held in a revocable living trust, and (2) is there a limit to the number of properties that can be inherited with a new stepped-up basis? --Marvin G. DEAR MARVIN: (1) Stepped-up basis to market value on the date of the decedent's death applies to inherited properties and other assets held in a revocable living trust. Purchase Bob Bruss reports online. (2) There is no limit to the number of inherited properties where the heirs will receive a new stepped-up basis. For full details, please consult a tax adviser who is familiar with estate taxation. CAN A PARTITION LAWSUIT APPLY TO JOINT-TENANCY PROPERTY? DEAR BOB: I ...