The Big Picture Retirement Show does not provide specific tax, legal, or financial advice.

Listeners are encouraged to seek out their own advisors in these areas.

Hello everyone and welcome to the Big Picture Retirement Show, where we deliver insight on what you need to know for a meaningful retirement.

If you are planning for or living in

retirement, this is the show for you. I'm Devin. And with me today is John Ross, my co-host. Hey, John.

Howdy.

So, John, today is listener question. Always a good one. You know, we skipped a month where we didn't have listener questions, although we had some come in, but we had all of this other content, the Trump tax cut that we wanted to cover and some of the year-in stuff. And we just didn't get around to it. And as far as that goes, I know we've had a few listener questions and stuff that a couple of them that I've just replied to personally. Yes. Oh, yeah. Yeah. So I've just been able to knock their question out.

Right. Maybe not something that we necessarily bring on to the show, but you're always welcome to give us a

shout out there. And you can send that to questions at big picture retirement.net. That's right.

And that'll come right through to our general mailbox. And when we get that, we will include it in the show if we think that it can serve a wider audience. So the first question actually comes from a working client relationship that I have. The client received an inheritance. And her question to me was, Devin, listen, I've been listening to you guys

for a while. Do I get a step up and basis on this inheritance that I'm receiving? In order

and answer that question, let's go back if we can and let's explain exactly what a step up and

basis is and how inheritance are treated for taxation purposes and all of that if we could.

Right. I'll jump in on all of that, uh, yeah, being somewhat of a accounting type.

Yes. Do have a degree in the subject. You like the numbers. I like the numbers. All of this actually

ties back to the the estate tax and the fact that although the IRS does like to tax us, it doesn't generally

like to tax us twice.

Yeah.

And most of the stuff is designed so that you pay tax on something once and not twice.

So here's the deal.

When you die, your estate is subject to the estate tax, right? Mm-hmm. Now, in order to actually have to pay any tax,

you would have to have a whole lot of money. Yep. For 2018, for a single person, that's going to be

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