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Old 07-15-2017, 06:39 AM   #21
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Originally Posted by bingybear View Post
Well, that is one problem. TOD/POD work well for avoiding probate. Estate tax is a different thing. I believe anything TOD/POD is still counted for estate tax filing. Now if the estate is small enough with the POD/TOD and everything else may not cause any tax to be owed.


See if your estate has a small estate provision which you can do without an attorney. Most states do.
Gill
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Old 07-15-2017, 06:41 AM   #22
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Originally Posted by Gill View Post
See if your estate has a small estate provision which you can do without an attorney. Most states do.
Gill


I meant state, not estate
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Old 07-15-2017, 08:32 AM   #23
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Have you estimated the taxes that would be due with a probate transfer?

Probate is not always a bad thing.

-gauss
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Old 07-15-2017, 08:59 AM   #24
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Gill's response to the OP's original question exemplifies the difficulties in applying information generally from one situation to another. As noted, the response was "in the example given" - which identified the relationship between the parties and the apparent state of domicile. As we can see, once you depart from the specifics the answers may change drastically. Once you start to intermingle real property (can be more complicated than intangible assets) with state statutes, state tax and federal tax laws, the answers really start to revert back to the standard attorney response - "it depends." That's not to say that good general information isn't available here, but as with most things, it's usually a bit more complicated than it may seem at first.
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Old 07-15-2017, 09:03 AM   #25
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Originally Posted by Gill View Post
Interesting that the Boglehead's post you link is me posting under a different username. However, it doesn't support your proposition. When property is held jointly between spouses, half is included in the estate of the deceased spouse and only half receives the step up.
Gill
It seems that even you contradicts yourself in post #13 in this thread. Which is which? In one post you wrote OP gets 100%, in another post you wrote it only half receives the step up.
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Old 07-15-2017, 11:14 AM   #26
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It seems that even you contradicts yourself in post #13 in this thread. Which is which? In one post you wrote OP gets 100%, in another post you wrote it only half receives the step up.


I don't see the conflict. In the OP's example of unmarried people there is 100% step up. If a married couple it is 50% step up.
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Old 07-15-2017, 11:19 AM   #27
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I don't see the conflict. In the OP's example of unmarried people there is 100% step up. If a married couple it is 50% step up.
Gill
That's what I wrote and you said it doesn't support my proposition.
I'm reading my post carefully and I see where I made the mistake. I wrote it late. I meant, non supporting, non spousal type as OP.
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Old 07-15-2017, 12:54 PM   #28
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Sorry, but I'm still confused. Regardless,it is as I posted at #26.
Gill
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Old 07-15-2017, 01:00 PM   #29
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I was curious about this subject so I found some information from bogglehead. It sound like you get 100% step up value if you are non contributing non spouse.

https://www.bogleheads.org/forum/viewtopic.php?t=63287
I should have added the non as bold above which is OP's situation. I posted too quickly last night.
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Old 07-20-2017, 02:37 PM   #30
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No doubt. I have several attorneys that I could pose this question to but sometimes I think a subject *might* be useful to other users, so I will post the question here to see what others think. Also, I am about to start the 3rd year of law school, so I am my worst own enemy when it comes to stuff like this.
This was very useful to me, saving me a lot of digging since I just discovered that I am a non contributing non spouse on a home title.
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