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<blockquote data-quote="OKRuss" data-source="post: 3884445" data-attributes="member: 41777"><p>What's the cost basis used for TOD of say a home? Will it be the current value or value when purchased? My wife had something similar with her Mom where if done one way there would be capital gains to pay(house purchased for $40K but sold for $100K) and the other the cost basis was $100K so no taxes on the gains. Only taxes would be if sold house for more than $100K.</p><p></p><p>We have a living trust with a will to itemize our items going to friends/family. I got an attorney through my work benefits. Can't 100% recommend him but he did a good job on ours and due to company subsidizing it was very affordable.</p><p></p><p>Either way - PLEASE get a will or living trust or something written down. Wife went through probate due to younger brother not having a will and his assets were distributed evenly by the judge to his 5 siblings. He despised 3 of the 5 but they still each got 20% of his estate. Wasn't much but just the principle of it made me nauseated.</p></blockquote><p></p>
[QUOTE="OKRuss, post: 3884445, member: 41777"] What's the cost basis used for TOD of say a home? Will it be the current value or value when purchased? My wife had something similar with her Mom where if done one way there would be capital gains to pay(house purchased for $40K but sold for $100K) and the other the cost basis was $100K so no taxes on the gains. Only taxes would be if sold house for more than $100K. We have a living trust with a will to itemize our items going to friends/family. I got an attorney through my work benefits. Can't 100% recommend him but he did a good job on ours and due to company subsidizing it was very affordable. Either way - PLEASE get a will or living trust or something written down. Wife went through probate due to younger brother not having a will and his assets were distributed evenly by the judge to his 5 siblings. He despised 3 of the 5 but they still each got 20% of his estate. Wasn't much but just the principle of it made me nauseated. [/QUOTE]
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