the surviving spouse receives a step-up in basis for community property. In states without community property provisions, jointly owned property, such as stock in ajoint brokerage account, receives only half the step-up in cost basis compared to what it would receive in a community property sta...
Another approach for avoiding probate is to keep joint accounts with someone else, such as a spouse. Joint accounts often allow the surviving account holder to take full ownership of the account after the other party’s death, without going through probate. However, it is critical to name cont...