My parents have a joint ten wros brokerage account and a few years ago, they added me as an account holder because they thought it would make things easier when they pass away. I sort of learned about a cost basis step up that can apply when one dies, but I am still a little confused as to whether that just steps up the cost basis of half the shares (or 1/3 in this case since there are 3 of us), or if it can step them up 100% when they both pass. I guess my question here is, what is the most simplest way to have the cost basis on these stocks reset when they pass away? Is it easier if I just have them remove me from the account so I inherit it, or is there another way around that?
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