[WSBARP] step-up in basis upon death - rationale

[Kary Krismer]

IMHO it's a carry over from when more estates were taxed--it would 
clearly be double taxation.

Also, it would frequently be a bit of a nightmare to figure out the 
basis of an assets of a deceased.

Kary L. Krismer
John L. Scott/KMS Renton
206 723-2148

On 10/1/2018 11:37 AM, Rod Harmon wrote:
>
> Would someone explain to me the rationale for the step-up in basis 
> upon death for property in (the vast majority of) estates that have no 
> estate tax liability?  It has always struck me as an undeserved 
> windfall to the heirs.
>
> And why wasn’t its elimination included in the 2017 tax reform? 
> Wouldn’t it be an easily gained windfall to the US Treasury?
>
> Rod Harmon
>
> **
>
> *RODNEY T. HARMON*
>
> *Attorney at Law*
>
> P.O. Box 1066
>
> Bothell, WA   98041
>
> Tel:   (425) 402-7800
>
> Fax:  (425) 458-9096
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> www.rodharmon.com <http://www.rodharmon.com>
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> rodharmon at msn.com <mailto:rodharmon at msn.com>
>
> *From:*wsbarp-bounces at lists.wsbarppt.com 
> [mailto:wsbarp-bounces at lists.wsbarppt.com] *On Behalf Of *RebeccaWiess
> *Sent:* Monday, October 1, 2018 9:22 AM
> *To:* 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>; 
> solo-and-small-practice-section at list.wsba.org; 
> creditor-debtor-section at list.wsba.org; wsbapt at lists.wsbarppt.com
> *Subject:* Re: [WSBARP] Quit Claim Deed to Trust
>
> I know I’m late to this topic, but it’s an excuse to remind all that 
> property in a trust does not get a stepped up basis when an owner 
> dies. Family trusts as an estate planning tool can cause big time tax 
> bills when the heirs sell low basis property out of the trust 
> following a death.
>
> Rebecca K. Wiess
>
> 421 24th Avenue East
>
> Seattle, WA  98112
>
> Phone 206 329-6638
>
> rwiess at foxinternet.net <mailto:rwiess at foxinternet.net>
>
> ------------------------------------------------------------------------
>
> *From:*wsbarp-bounces at lists.wsbarppt.com 
> <mailto:wsbarp-bounces at lists.wsbarppt.com> 
> [mailto:wsbarp-bounces at lists.wsbarppt.com] *On Behalf Of *Dave Culbertson
> *Sent:* Friday, September 07, 2018 4:51 PM
> *To:* solo-and-small-practice-section at list.wsba.org 
> <mailto:solo-and-small-practice-section at list.wsba.org>; 
> creditor-debtor-section at list.wsba.org 
> <mailto:creditor-debtor-section at list.wsba.org>; 
> wsbapt at lists.wsbarppt.com <mailto:wsbapt at lists.wsbarppt.com>; 
> wsbarp at lists.wsbarppt.com <mailto:wsbarp at lists.wsbarppt.com>
> *Subject:* [WSBARP] Quit Claim Deed to Trust
>
> Hello, Listmates.
>
> I have a client who needs to transfer a parcel of land to her 
> revocable trust (set up for probate purposes). I’m assuming this is 
> like any other QCD, but thought I would check if there is any hidden 
> wrinkle when doing a QCD from an individual to a trust. Thanks for any 
> pointers.
>
> Best Regards,
>
> Dave Culbertson
>
> *The Law Office of Davisson Culbertson, PLLC*
>
> /19909 Ballinger Way NE/
>
> /Shoreline, WA 98102/
>
> //
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> //
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