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Retirement tax questions
Usually for a simple inheritance the basis of the asset is stepped up to the fair market value on the date of death of the decedent. I'm unsure whether this applies to assets in an irrevocable trust, or whether it's treated as a gift at the times it's placed in trust and therefore retains it's basis at that time. If the beneficiary would get the stepped up basis if distributed to them directly, but the trust would not, then it's clearly better that it be distributed to the beneficiary to be sold with the stepped up basis when they choose.
Answers are correct to the best of my ability but do not constitute legal or tax advice.
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May 31, 2019
4:49 PM