Do Assets in a Trust get a Step-Up in Basis at Death? - Weekly Video (B)

[@dmatthews7423]

Trust piece starts at 3:39 Great video!

[@gsm6120]

Does a inherited traditional IRA will have a step up basis?

[@natasha6607]

no, retirement accounts and annuities do not get a stepped up basis

[@gsm6120]

@natasha6607 thank you!

[@gambno99]

Thank you for this video. I was instructed to move stock holdings from a revocable trust into an irrevocable trust (temporary account) following the death of the grantor. (New Tax ID established) Does the step up occur before this transfer into the irrevocable?

[@davidleonard4925]

So the next question is if a house that you inherit is in a irrevocable trust you cant do the step up in basis but would the basis be determined by purchase price or by value of property at the time the trust was set up.As and example Purchase price in 1999=$160,000 . Irrevocable trust set up in 2010 with property value $200,000 Inherited property value in 2023=$300,000 Would capital gain be $1400,000 or $100,000?

[@frednesvet5046]

Do the remainder beneficiaries receive a step up in basis after the original beneficiary dies?

[@kebustewart674]

My wife house is in a trust. She wants to amend her trust, to say if she passes, then the house goes to me, If I sell the house, will i have to pay capital gains??

[@larrymathis3131]

Bill -Husband and wife are trustees of a revocable trust. Wife passes, and survived by husband. Does the Trust receive a 50% step-up or 100% step-up?

[@natasha6607]

please someone answer this

[@legacyplanninglawgroup5897]

There is no step- up in this situation. The husband survives the wife, so the trust is still revocable and in place.

[@helmuttdvm]

The capital gains taxes should really have adjustments to account for inflation as much of this ‚gain‘ is actually just inflated numbers. Thankfully the government has not revoked the step up in basis (yet).

[@jameshermes4341]

Two brothers living in the same house and one of them is the owner and irrevocable Trust maker for ten years and he passes away. The other brother stays in the house as a Trustee and follows the Trust maker Will for ten years. The other brother passes away after the ten years expire. How is the Step Up Basis implemented concerning the capital gains. Is the period from the first or second brother to the date the property was sold?

[@MrChuckwagon55]

So will a beneficiary get a step up if the passes parent only had a will and not a trust?

[@tommason9753]

Yes