@bcanterbury85 wrote:
If some of the assets are the form of investment portfolios, are the earnings on those taxable from the beneficiaries perspective from the time the investment was bought within the trust or only from the time the transfer occurred to the beneficiary?
If the assets were purchased by your grandfather prior to his passing, then in the typical scenario the assets would be marked to their fair market value on the date the trust became irrevocable (i.e., on the date of his death).
Income earned after that date (e.g., interest, dividends, capital gains), during the time period that the assets remain within the trust are taxable to the trust, itself, or the beneficiaries if/when that income is passed through to the beneficiaries on K-1s (1041).
