Legal Question in Real Estate Law in Arizona
Step-up valuation of Real Estate question
It is my understanding that in the case of a Living Trust there is a ''step up'' in the purchase valuation of the Grantor's home, for example, and that, upon his/her death, the beleficiary does not have to pay any capital gains on said property in the case of a sale of same. Is the same true in the case of a Will?
1 Answer from Attorneys
Re: Step-up valuation of Real Estate question
The proper designation is a stepped-up basis, not valuation, and it applies to an inheritance regardless of whether it comes by way of a will, trust, beneficiary deed, etc. Get a statement of date-of-death valuation, such as an appraisal if real estate or DOD statement if securities, so you can calculate your capital gain if you sell later.
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