RetireBy90
Thinks s/he gets paid by the post
Wanted to get the take from those with a legal background or experience. I was executor for mom's estate and I had setup transfer on death and beneficiaries on all her accounts (bank, brokerage, CU). We of course had paperwork to fill out but it went rather well. I have setup beneficiaries on all DW and my accounts with each other as primary and DS as secondary in case we pass at the same time.
We have 2 pieces of real estate that are in both DW and my name with right of survivorship. I plan for the surviving spouse to add DS to title/deed with right of survivorship. Will the govt allow this to be done ? We live in VA. I also was wondering about stepped up basis on the real estate if we pass the properties this way. What taxes will be due at adding DS and will he owe more estate taxes when he survives and takes ownership ?
Thanks for any assistance.
We have 2 pieces of real estate that are in both DW and my name with right of survivorship. I plan for the surviving spouse to add DS to title/deed with right of survivorship. Will the govt allow this to be done ? We live in VA. I also was wondering about stepped up basis on the real estate if we pass the properties this way. What taxes will be due at adding DS and will he owe more estate taxes when he survives and takes ownership ?
Thanks for any assistance.