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Category Archives: Basis

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Households with Higher-Incomes and Biden Tax Reform

By Fisher Law LLC |

As Americans look ahead to a Biden Harris Administration, noting the President-elect’s tax plan is crucial for higher-income households to understand and likely make adjustments to their financial and legacy planning. Generally speaking, the sweeping changes to the tax code will aim to levy higher taxes on corporations and high-income households. It will also… Read More »

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How to Keep the Family Vacation Home in the Family

By Fisher Law LLC |

If this winter-like weather plus pandemic have left you wondering about how to get started on passing the family vacation home to the family or preparing to sell it in the future, you’ll need to understand how property is transferred. The details are shared in a useful article titled “Exit strategy for keeping the… Read More »

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Can You Explain the Concept of Step-Up Basis?

By Fisher Law LLC |

If you inherit assets—especially real property—you need to understand the step-up in basis rules. These rules can save you a lot of amount of money on capital gains and depreciation recapture taxes. Motley Fool’s recent article on this subject asks “What is a Step-Up in Basis?” The article explains that step-up in basis has… Read More »

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If My Mom Wants to Give Me Her House, Is It Better to Inherit or Buy It?

By Fisher Law LLC |

Say that your mom owns a house without a mortgage, and she’d like to transfer the house to her adult son and daughter. The issue is whether it’s a better strategy to make the transfer via gift or a sale. Let’s throw in the fact that the son is a U.S. citizen, but the… Read More »

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How Does a Life Estate Work?

By Fisher Law LLC |

Life estates are used for a number of estate planning purposes. However, the most frequent strategy is to use a life estate where a parent transfers a home to a child and retains a life estate for themselves. nj.com’s recent article, “How does a life estate work to transfer a home to a child?”… Read More »

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