[LIforrelaxin]

As all have discussed, the right thing to do is seek qualified advice. There are lots of in and outs that can be considered.

For the most part when a spouse dies there is very little to worry about, unless things are only in the name of the spouse that dies. Then it it can get interesting if there is considerable equity in only one name....

As for what type of Step up in value happens when the property passes on to the next generation, well it is all a mater of timing... My mother passed on a few years ago, just before the last round of unbelievable value increases around the lake... So well we got a step up in value, we still are left with considerable capital gains should we sell.....