<p>^Very interesting. I am not sure how it works. Can you give an example ? </p>
<p>However, in our case that property only has one name, my husband’s as he was the heir though we did live in it as a matrimonial home for a short time long time ago. Don’t know if he can add a spouse’s name now. Besides, we are worried about our travels and that something bad happens to both of us. </p>
<p>I am very surprised the accountant did not mention about step up cost basis mentioned here. The accountant did say to protect the asset/house from divorcing future spouses - a promissory note from the children, or charge, null and void upon our demise can be set up at the same time, same as the value of the property. </p>
<p>We consulted with a lawyer way back then and wanted to set up a trust. Seems like our affairs are so complicated, spanning in and out of country assets that the lawyer, after two consultations, dropped us (never got back to us). :(</p>