This thread has been very educational. I will share it with the neighbor and hopefully it will help her form the right questions to ask her professional advisors. The insights gained by your contributions are much appreciated, especially those from:
FastSkiGuy, OrangeBlossomBaby, CoachKandSportsGuy, Boomer, TopSpinMo, Slainte, Retired123, ManAboutTown. I'm especially appreciative of post #'s 22 49, 53, and 54.
I was aware of the irrevocable trust re: medicaid eligibility issues as it was done with my wife'a parents. I was also aware of the Florida probate absent a trust issues, but this neighbor is "up north." I am familiar with the step up in cost basis and it's relationship to capital gains, but I did not think about it in this scenario, so thank you very much for that insight!
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Chino 1960's to 1976, Torrance, CA 1976-1983, 87-91, 94-98 / Frederick Co., MD 1983-1987/ Valencia, CA 1991-1994/ Brea, CA 1998-2002/ Dana Point, CA 2002-2019/ Knoxville, TN 2019-Current/ FL 2022-Current
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