If spouse has terminal cancer, can husband transfer all assets to spouse in order to get step up basis
Transferring all assets to a spouse with terminal cancer to get a step-up in basis can be a complex issue, and there are several important factors to consider. 1. **Step-Up in Basis**: When a person dies, the cost basis of their assets typically gets "stepped up" to the fair market value at the date of death. This can reduce capital gains taxes if the assets are later sold. 2. **Community Property States**: If you live in a community property state (like California, Texas, or Arizona), both halves of the community property get a step-up in basis when one spouse dies. This can be beneficial for tax purposes. 3. **Gift Tax Considerations**: Transferring assets to your spouse is generally not subject to gift tax due to the unlimited marital deduction, but it's important to ensure that the transfer is done correctly. 4. **Timing and Intent**: The IRS may scrutinize transfers made shortly before death to ensure they are not solely for tax avoidance purposes. The step-up in basis rules are intended to apply to assets genuinely owned by the deceased. 5. **Estate Planning**: It's crucial to consult with an estate planning attorney or tax professional. They can help you navigate the rules and ensure that any transfers are done in a way that complies with tax laws and maximizes benefits. In summary, while transferring assets to a terminally ill spouse might provide a step-up in basis, it's essential to consider the legal and tax implications carefully
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