We’re old and don’t plan on selling our property but if there is no stepped up basis when we die it will destroy our estate that we want to leave our children. So if it’s gone, we’ll probably start selling off our properties and go on a round the world cruise.
There goes my wife's last argument for keeping the house.
We inherited both of our parents houses tax-free...which were immediately sold, with the cash divided amongst the various siblings. After the recent run-up in value, I've been wanting to sell our house. But the wife keeps saying..."Just pass the house on to the kids. It'll be tax-free. Let them do what they want with it".
Oh well...looks like we're selling and moving soon, after taking advantage of the one-time capital gains forgiveness (on the first $500k).
Hire a good lawyer and set up trust funds for your kids.