We live in Maryland. I've heard of Lady Bird deed, but not sure if that is accepted in Maryland.
So, does that mean we should have filed Form 709 3 years ago or now or does the executor of our will file that with the last tax return when the last of us passes?
There are some terms that seem interchangeable so that is why I am confused.
Also, when my children take the property at a "basis stepped up to fair market value on the date of the last of you two to die," that's a good situation, right? I just wanted the children to be prepared if there would be a lot of taxes due. Thank you so much for any clarification.
