@melpaw57 wrote:Is that correct?
Yes, provided your parents were the grantors and the trust became irrevocable upon their passing.
This would change with a different type of trust but the standard and typical trust would acquire assets from a decedent (i.e., there would be a step-up (or step-down)).
Note that grantor trusts (aka revocable or living trusts) require a new EIN when the grantors pass and the trusts become irrevocable.
Sorry for your loss.
