[taildragger]

t will destroy whatever is left of the middle class. So if you inherit the house your parents live in for 50 years? You will have to pay the capital gains tax on the increase in value of that home over the fifty year stretch. If you don’t know the cost basis, you have to assume it is zero and pay tax on the whole sale.

Bingo. So now dig threw the paperwork from 1960 if it still exist on the purchase, and then look for all the bills of major improvements if they exist, the porch, new boiler, etc etc etc. What a bleeping nightmare.

The problem with the deceased is not the Wills and Trust, it is the emotions of the declutting and sale etc of their worldly pocessions. It is draining and mindboggling and the only one with the balls to talk about it has been Clark Howard. Been their done that. Now team O'Biden will only add workload to your overworked emotional system, how is that for a pile of suckage...

[chronicles]

We downsized last year and signed our home over to our children. It was necessary to jettison a lot of belongings and memorabilia from 58 years of marriage.
Over the years we have been fairly diligent in keeping the clutter to a minimum. Even so, we had a lot to give away and donate. I am so glad that we did it.

[ReleaseTheHounds]

I wonder if Hunter is meticulously keeping track of his cost basis in his various investments.

[Pagey]

Great Post!