I have what must seem like a Stupid Estate tax question!!
My wife/I were MOST Fortunate to receive employee stock options, in the 1980->90's. Thus we now own a portfolio that has current stock asset value over $15M. Our cost basis for those securities is ~$500k (and we annually receive ~$300k/ yearlyr in divdends).
Note: We have maybe another~ $4.5 M in other assets,. Those assets consist of our two long term RE homes. We also have about $1.5M in IRA's, misc mutual funds etc.
My estate tax question? Under current IRS regulations: What will be our Estate tax liability, upon our collective demise ? Am I correct that those stock Gains will have a Step Up in Basis, upon our death? Thus our ~$14.5 M stock gains will not be part of our IRS, married couple estate tax exemption currently at ~$11M?
The recent, congressional tax initiatives have prompted me to want to understand our current situation. Most appreciative for your guidance!
-dave
BTW: I am 67, wife 65. We are now, both of us, Florida state tax residents. The MANY userous Connecticut (ala Income and Estate) taxes prompted us to relocate to FL!! Thus we (and many neghbors) do not have CT state tax concerns