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Get your taxes done using TurboTax
You need to read the exact terms of the trust.
If the remainder interest was to pass to the beneficiaries, then the fair market value on the last life tenant to die is used. This presumes that the trust was otherwise a standard, revocable trust (aka revocable living trust).
Local legal counsel and professional tax guidance is recommended for these situations since virtually any advice or conclusions would be dependent upon the type of trust and terms thereof.
‎February 7, 2022
5:04 PM
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