Q: My son is the remainderman on my deed has no authority until myself & wife pass. Will he get the step up basis @ passing
Hi, I have a question I have a quitclaim deed that says my property address and the names of myself and my wife hereby remise, release and forever quitclaims all interest (100%) to myself and my wife.
Then it says Life estate without liability for waste, and with full power and authority in said life tenants to sell, convey, mortgage, lease or otherwise manage and dispose of the property described herein in fee simple, with or without consideration, without joinder of the remainderman, and with full power and authority to retain any and all proceeds generated thereby, and upon the death of the life tenants, the remainder to (my son) who’s address is (homestead property), Grantee.
**My questions is when myself and my wife pass and he receives the property does he get the stepped up basis?
A: The remainderman probably is vested now, just not in possession. If so, then his basis should have been computed at the execution of the Deed. It would have been a small percentage of the value computed in accordance with the Treasury Regulations. Contact a competent FL attorney to determine this.
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