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Message: <blockquote data-quote="Davy Crockett" data-source="post: 385256" data-attributes="member: 367"><p>If the property is passed on to kids rather than sold  your kids get a step-up in basis.  But then you either have to buy long term care insurance or take a gamble. </p><p>   </p><p>  A lot or a house in town is no different as far as I know,</p><p></p><p></p><p>    Stepped-up basis means <strong>if you bought land for $400,000 several years ago (so $400,000 is your basis) and it's worth $2 million when you die, the basis when your kids get it is reset to the value on the date of your death</strong> — so in the kids' hands, their basis is now $2 million.</p></blockquote><p></p>

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