In this episode, Nic and I break down one of the most misunderstood concepts in estate planning: step-up in basis. We explain what basis is, why a step-up matters, and how common mistakes can cost your loved ones thousands in unnecessary taxes.

If you've ever nodded along in conversations about basis while having no idea what it means, this episode is for you! We share real-world examples of how adding children to property deeds and accounts before death can create massive tax implications that could have been easily avoided with proper planning.

TIMESTAMPS

00:00 - Introduction to basis and step-up in basis

00:21 - Why understanding basis matters to your legacy

02:15 - What exactly is "basis" and how does it work?

03:41 - Common mistakes people make with property titles

05:11 - The tax consequences of gifting vs inheriting

06:16 - Why adding children to bank accounts is problematic

06:43 - Better alternatives for estate planning

08:25 - Closing thoughts on staying "coachable"

RESOURCES

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Thanks for joining us for another episode! Understanding concepts like step-up in basis might seem technical, but getting these details right can save your family significant money and headaches down the road.

If you found this helpful, please hit that like button, subscribe to our channel, and share this video with someone who needs this information. Stay coachable, my friends!

🛑 Disclaimer: Your Retirement Coach is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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