A true calculation of how capital gains are calculated shows that the Fair Share Amendment would result in extra taxes for very few sellers of homes in Massachusetts.
While it can make sense for a will to direct that all estate property be sold and the proceeds distributed, it can also result in higher capital gains taxes for the beneficiaries.
Harry Margolis argues against Biden Administration proposal to eliminate the step-up in basis upon death. Margolis & Bloom, Wellesley and Boston, MA, 02481
Bypass trusts, aka A/B trusts, can create problems for surviving spouses, but they can also be beneficial. Margolis & Bloom, Wellesley, MA, 781-705-6400