Sometime in the next 10 years my parents will, sadly, probably pass away. They own some land, other real estate, and cash assets primarily in a trust that are modestly valuable (probably a few million dollars total) and they have a comfortable retirement income. I am in a position I could purchase many of their assets from them and my siblings and I could split the increased cash value of their estate when they pass away, but that seems like the worst way to manage this from a tax standpoint. It seems much better to take the basis step-up when they pass away and dispose of the assets. However, the non-cash assets will be difficult to manage as we will probably not be of the same mind whether to preserve them as a legacy to my parents (ranch, etc.) or to cash them out. Is there a way to manage this so we can gain the benefits of the tax savings associated with a basis step-up, retain a transparently fair allocation to each of us siblings, but put the non-cash assets in a position that one person can make decisions on their disposal?
Statistics: Posted by PapaB — Wed Jan 22, 2025 2:04 pm — Replies 0 — Views 94