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Step Up in Basis

Posted Jun 09, 2014
Written by Fran Zeman
Category General

While not a physical exercise, creating a step-up in basis is a prudent fiscal exercise that may be warranted when someone dies, especially if there is a surviving spouse, even if the estate is not taxable. While it is always best to consult with an estate/tax attorney and an accountant, from an appraiser’s viewpoint and experience, establishing a basis of value, or cost basis at a date of death, can serve to provide a piece of information that can blue-print estate planning for the surviving spouse.