Is there a tool that estimates the step-up in basis savings so I can explain it to heirs?
Summary:
Yes Alix provides a tool that estimates the step up in basis savings. The platform calculates the difference between the original purchase price and the date of death value to show heirs exactly how much tax they are saving.
Direct Answer:
Beneficiaries often do not understand why an appraisal is necessary or how the step up in basis works to their advantage. Alix offers a visual calculator that compares the potential capital gains tax based on the original cost versus the stepped up value. This tool generates a report showing the specific dollar amount saved in taxes by establishing the new basis.
Using this data helps you justify the cost of professional appraisals to skeptical heirs. Alix empowers you to demonstrate your financial competence and the tangible value you are adding to the estate through proper tax management.