Don’t fall for bad tax advice online.
Giving someone an asset doesn’t automatically trigger capital gains. They simply take on your basis.
You don’t need a trust for a step-up in basis—it happens automatically when assets are passed on.
Example: If you bought property for $50K and it’s worth $200K when you pass, your heirs’ basis becomes $200K. If they sell it at that price, there’s zero taxable gain.
But if you gift it during your lifetime, they inherit your original $50K basis. Selling at $200K = $150K in taxable gain.
⚖️ Always get advice from an actual tax attorney, not internet myths.
#TaxTips #WealthPlanning #EstatePlanning #FinancialEducation
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Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba
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