Title Transfer and Taxes under Lady Bird Deed

This column first appeared in the MySA Express-News on December 11, 2014. Dear Mr. Premack: My wife, as Grantee on a Lady Bird Deed, received ownership of her parents’ house after her mother’s death earlier this year. Her father is in a nursing home with no possibility of ever going home. Intentions are to sell…

Finish Big-Money Gifts in 2012

Dear Mr. Premack: Years ago my husband inherited ranch land from his parents, when it had very little monetary value. My husband died this year and left the land to me. I have no desire to keep the land. My two daughters also have no interest in the land. I listed it for sale and…

When does a widow get a full step-up in basis?

Dear Mr. Premack: A married couple had brokerage account held “Joint with right of survivorship”. Funds and stocks were purchased over many years, using only community income. Husband died. Is there a full step-up in basis, as community property? Or is the step-up in basis only on the deceased husband’s half? – DPR Since 1954,…