Legal Question in Wills and Trusts in California

Last I heard.

This year, 2010, in conjunction with the temporary elimination of the federal estate tax, the "stepped up" basis is limited to 1.3 million (plus an additional 3 million for a surviving spouse) which must be specifically allocated (I believe on a form which has not yet been released by the IRS) if decedent's assets are greater than that amount. Ask your accountant for more specific information.

Caveat: this is not legal advice and we do not have an attorney client relationship.

This amount and availability of the step up also depends upon whether or not the Congress acts before January 1, 2011 to extend or modify the current federal estate tax laws. See: "http://www.taxrights.com/estatetax.htm".