# @edwardcollins_upleveled on Instagram

- **Type:** Video
- **Original URL:** https://www.instagram.com/p/DKkxi2JxMx2
- **Gondola URL:** https://gondola.cc/posts/35104074-edwardcollins-upleveled-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/5f06ced3cb.jpg
- **Posted:** 2025-06-06T21:35:16.000+00:00
- **Account Owner:** Edward Collins | Money Lawyer & Wealth Strategist (@edwardcollins_upleveled) — https://gondola.cc/edwardcollins_upleveled

## Caption

Step-Up in Basis: What Most People Get Wrong
(and why you should care) 

I love how this post made a dry tax topic fun —
But let’s get a few things straight. 

When it comes to passing assets from you → your heirs,
the how matters just as much as the what. 

Here’s the quick breakdown 👇 

Transfer at Death — via: 

📜 A will. 

❌ Intestate succession (no will at all). 

📂 A revocable trust. 

→ The new owner gets a step-up (or step-down) in basis. 

→ Based on the asset’s fair market value at the date of death. 

✅ This often reduces future capital gains tax when the asset is sold. 

Transfer during life — via: 

💰 A sale → Resets basis at sale price (potential tax trap). 

🎁 A gift → Carries original basis forward (another potential tax trap). 

In other words — trying to “give it away now” can create big tax problems later for your heirs. 

Now here’s where I love using revocable trusts — 

Not just for step-up in basis (you get that through other channels too)… 

But because of the control a trust gives you: 

👨‍👩‍👧 Bloodline provisions — to keep an asset in the family, and out of your kids’ divorce court. 

🔒 Spendthrift clauses — to protect assets from creditors or irresponsible heirs. 

🧭 Long-term management — so you define how wealth gets used (even generations down the line). 

Bottom line: 

It’s not just about taxes. 

It’s about legacy, control, and intention. 

But trust strategy is never one-size-fits-all. 

You need the right structure for your life, your family, your goals. 

If you want to know what that looks like? 

👇 Drop the word apply, and let’s see if we’re a fit to work together. 

Credit (IG): 
Pamela Garrett — [lawmotherco] 

 SF0699

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- **Views:** 95
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## Credits

These are the roles credited on Gondola. Credits may be incomplete.
A brand, account owner, or featured person is not necessarily the creator.

| Name | Username | Profile | Role |
| --- | --- | --- | --- |
| Edward Collins | Money Lawyer & Wealth Strategist | @edwardcollins_upleveled | https://gondola.cc/edwardcollins_upleveled | Talent |
| Hector Garcia | @Hector_FilmSchool | https://gondola.cc/Hector_FilmSchool | Content Producer |

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