Stepped Up Basis Guidance

Summary

A stepped-up basis may apply to the deceased spouses share of tenancy in common property in a revocable trust. Consult a Wisconsin estate attorney for specific guidance.

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If I have tenancy in common land in our revocable trust as husband and wife do I receive a stepped up basis on his death.
In Georgia, when one spouse passes away, the surviving spouse may receive a stepped-up basis on the deceased spouse's share of property held in tenancy in common within a revocable trust.
- Stepped-Up Basis: Generally applies to the deceased spouse's share, adjusting the property's value to fair market value at the time of death.
For specific advice, you might want to consult a local estate attorney.
The land is in Wisconsin
Since the land is located in Wisconsin, the laws there might differ. In general, the stepped-up basis can apply to the deceased spouse's share, but it's important to consult a Wisconsin estate attorney for precise guidance. Would you like help finding an attorney in Wisconsin?
Sure. Land is in Wausau
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Since the land is in Wausau, Wisconsin, it's crucial to consult a local estate attorney for precise guidance regarding the stepped-up basis. Would you like further assistance in connecting with an attorney in Wisconsin? If yes, please share your contact information.