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502SU Maryland Tax Forms and Instructions Msfa

502SU Maryland Tax Forms and Instructions Msfa

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Hi this is Greg Jimeno, estate planning  and elder law attorney in Maryland with   Chesapeake Wills and Trusts and I had a client  come in recently and we had a long discussion   about tax basis Step Up in tax basis and how  to kind of prevent the kids from paying more   taxes after the parent died I thought it was so  important I brought out my whiteboard to discuss   it in this video here so let's talk about  what exactly is tax basis and and why it's   so important in your estate plan so if we take  a look here let's say that that somebody buys   a piece of property uh they buy their house  for $100,000 that becomes the tax basis so   the tax basis could also include the purchase  price plus any improvements that you make to   the property over the course of your ownership  but let's just say somebody has a $100,000 tax   basis and they've had that property for for  40 years and 40 years later that property has  

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