Author Topic: Stepped-up basis?  (Read 511 times)

One

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Stepped-up basis?
« on: April 25, 2019, 12:07:56 AM »
All taxable accounts are in my name and my wife is the beneficiary. If I die will my spouse get a stepped-up basis on the total value of the taxable accounts in my name?  If the accounts were under both our names and I die would she only get a stepped-up basis on 1/2 the taxable accounts?

MoseyingAlong

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Re: Stepped-up basis?
« Reply #1 on: April 25, 2019, 12:43:20 AM »
Yes to your first question.
For the second, are you in a community property state?

One

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Re: Stepped-up basis?
« Reply #2 on: April 25, 2019, 01:01:19 AM »
Yes to your first question.
For the second, are you in a community property state?
Iím in Oregon, I looked it up and it said itís not a community property state.

MoseyingAlong

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Re: Stepped-up basis?
« Reply #3 on: April 25, 2019, 01:32:46 AM »
Then yes to your second question also, only half the step-up in basis.
For community property, it would all get a step-up.

I'm wondering if you have a more complicated scenario or plan that you'd like another set of eyes to look over.
I.e. maybe someone else could provide alternative ways to do whatever you're trying to do. I'm often impressed by the knowledge and creativity of posters.

One

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Re: Stepped-up basis?
« Reply #4 on: April 25, 2019, 10:42:12 AM »
Thanks for the help, I donít have life insurance and I think itís more likely my wife will need the money more if something were to happen to me. Iím trying to weigh the benefit of a joint account vs only one name.  If we wanted to add her to the accounts at some point in the future is that easy to do?  One ramification of only my name is if I became incapacitated she would have a hard time accessing the money so Iím looking at setting up a power of attorney? No thought was put into this when the accounts were set up and they have made some good gains over the years.