@planningwithkelly: Grab my estate planning organizer at planningwithkelly.com before you read this. Link in bio. Here is what most families never learn. When someone passes away the assets in their estate generally get a stepped up basis. The value resets to what those assets are worth on the date of death, not what was originally paid for them. For my high net worth clients the first thing we do is get appraisals and valuations on everything. Every piece of real estate. Every investment account. Every business interest. We document the date of death value carefully because that becomes the new basis going forward. For jointly held and community property assets this can eliminate significant capital gains when the surviving spouse eventually sells. We also file a 706 to elect portability, so no exemption goes to waste. Everyday families miss this window entirely. Nobody tells them it exists, and once it closes it does not come back. If you have lost a spouse recently or are helping a parent through this, do not wait to get valuations done. Not legal or tax advice. Worth a conversation with your estate planning attorney. #estates #wealthymindset #legal #estateplanning #tax

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Tuesday 18 August 2026 15:47:09 GMT