There is much reason to now hold on to property until death on assets that are intended to be gifted to family especially if the assets are worth far more now then what they were paid for.
The fiscal cliff tax law extended what is called a step up in basis. On property acquired from a decedent the recipient receive a step in basis valuation. In other words if a piece of property was purchased for $10,000 30 years ago and is now valued at $100,000. The recipient of this asset from a decedent receives that property as if purchased for $100,000 today!
This bypasses the income tax that would have otherwise needed to be paid on the $90,000 of growth in that asset.
If you have an asset that is currently highly valued that you paid very little for, then it is very important to talk with a specialist about your options. There are ways to pass on that asset to family and charity with zero in estate tax paid and provide income to you while you’re alive.
There are many options available to you and they should be explored with a specialist who can make it simple and easy to understand so you can take fast action in having the impact you want with the wealth you’ve built.
For more information the role of specialist, check out Find Me a Specialist.