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Does basis step up when Living trust becomes a family trust?

 
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Does basis step up when Living trust becomes a family trust?

"Does basis step up when Living trust becomes a family trust?"

Yes, the trust will receive assets with a stepped up basis provided it received those assets from a decedent per Section 1014 of the Internal Revenue Code.

If assets were merely transferred from one trust to another, there would be no basis step up.

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Does basis step up when Living trust becomes a family trust?

"Does basis step up when Living trust becomes a family trust?"

Yes, the trust will receive assets with a stepped up basis provided it received those assets from a decedent per Section 1014 of the Internal Revenue Code.

If assets were merely transferred from one trust to another, there would be no basis step up.

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