I have 1 other question. The tax accountant told me that there's a 90-day rule where I can change the date of the cost basis. The step-up cost basis was the value on the date he died. His equities were sold 10 days later and the market had gone up and as a result, the Irrevocable Trust account shows a long term capital gain.
Can I change the date to increase the cost basis and reduce the Trust tax liability? That doesn't make sense as I could then reduce the Trust capital gain and not pay any taxes. I probably didn't understand what he told me.
