If your parents ever want to transfer their property to you right now while they’re living, you tell them no instead you’re gonna do what the rich do the rich use a tax strategy to completely pay no tax on all the appreciation while they own the property until they give it all to their heirs the rich use this tax strategy to pay no tax on all the appreciation while they’ve owned the property until they give it to their beneficiary and this is done using something called the Stepped Up Basis Tax strategy in real estate. Instead, what you’re going to tell your parents to do is put the property into a trust and name you as the beneficier of that trust so then what happens is at the time of their passing that property transfers to you at the fair market value at the time of their passing what that means is that all the appreciation your parents had in their lifetime while they’ve owned that property you pay no tax on that appreciation after they passed if you were to go turn around and sell that property then possibly you will pay no tax on that property and I’m talking about no capital gains tax say your parent bought the property for $200,000 15 years ago and now at the time of passing the value of the property is $500,000 so now they’ve had a $300,000 appreciation in the property after they pass if you sell that property for $500,000 the fair market value of what it was at the time of death then you pay zero dollar tax under three hundred thousand dollars of appreciation on this $300,000 of capital gains federal and New York State tax combined could be anywhere between $70000 and $90000 dollars that’s a lot of money that you’re saving using this crazy strategy that the rich people use but a lot of normal people don’t know about it.