Quote:
Originally Posted by vintageogauge
If you trust your son just put everything in his name now and the deal is done.
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Absolutely not! Nuances and established case law rulings are why you need matters this important handled by professionals. If your son inherits when you die, not only is there ZERO tax due for the income received, the stepped up basis eliminates capital gains to him.
Putting things in his name while you are alive will cost him A LOT of money when you are gone.
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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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