My question involves estate proceedings in the state of:
My mother died 10 years ago and left my brother and I her half of the land she owned with my father and gave my father life estate. At the time of her death the land was worth 4000 an acre and now my dad has passed and the value of the land is 10,000 an acre. How do you figure stepped up value? Would half of it be at 4000 and half at 10,000 or because my dad had life estate would it be the 10,000 when he died?
My mother died 10 years ago and left my brother and I her half of the land she owned with my father and gave my father life estate. At the time of her death the land was worth 4000 an acre and now my dad has passed and the value of the land is 10,000 an acre. How do you figure stepped up value? Would half of it be at 4000 and half at 10,000 or because my dad had life estate would it be the 10,000 when he died?
Estate Planning Strategies: Step Up Value
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