Most blue-collar families have one really big asset: the house. How you inherit that house makes a massive difference at tax time. Understanding basis step-up, and why putting the kids on the deed is almost always a mistake, can easily save a Florida family $50,000 or more.
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This article is intended as a general overview and does not address every fact pattern or recent change in Florida law. Florida statutes are amended regularly; consult a Florida-licensed attorney for guidance specific to your matter.
