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Reference

Reference

Plain-English definitions for the terms you'll encounter on your financial journey.

F
Fair Market Value🏠 Real Estate

The price that a property would sell for on the open market between a willing buyer and a willing seller.

G
Gross Estate🧾 Taxes

The total fair market value of all assets owned by a deceased person at the time of their death before any debts or taxes are paid.

S
Step-up in Basis🧾 Taxes

The adjustment of an inherited asset's value to its fair market value at the time of the previous owner's death.