@Kipmc7 wrote:
Does it matter if the trust is revokable or irrevocable? It was created as a revocable trust. My understanding is that a trust becomes irevocable on the death of the settlor. Is that correct?
Yes, the a revocable trust typically becomes irrevocable on the death of the settlor (grantor trusts) and the assets held in the name of the trust typically receive a basis that is stepped up to fair market value as of the date of death.
@Kipmc7 wrote:
Does the Financial Planner need to provide the price for EACH stock on the day of death?
Yes. The fair market value of each individual stock must be calculated as of the date of death, which is typically done by taking the high price and low price for the day and dividing by two.
