My father passed away in the spring and I am the executor of his estate. His will calls for his estate funds to be sent to a separate irrevocable trust he has (a “pour over will” one lawyer called it) and distributed from there.
I know that things that were already in the trust don’t receive a step up in basis, but things in the estate do. So I’m thinking that the estate assets receive a step up in basis beifre/when being transferred to the trust. Is this correct? Or does being sent to an irrevocable trust somehow negate the step up?
I know that things that were already in the trust don’t receive a step up in basis, but things in the estate do. So I’m thinking that the estate assets receive a step up in basis beifre/when being transferred to the trust. Is this correct? Or does being sent to an irrevocable trust somehow negate the step up?
Statistics: Posted by fredct — Mon Dec 23, 2024 10:00 am — Replies 2 — Views 128