Do Assets in a Trust get a Step-Up in Basis at Death?

Рет қаралды 9,229

Жыл бұрын

In this video, we’ll provide an in-depth explanation of whether assets in a trust get a step-up in basis at death.
You will learn:
• What basis in an asset is.
• How basis can change when someone dies.
• Whether the same change in basis can occur if the asset is inherited through a trust.
Do you have any questions, tips, or experiences with this topic? Leave us a comment below.
Legacy Planning Law Group is dedicated to helping people protect their family and preserve their legacy. We serve families and seniors with Estate Planning, Elder Law, and Probate needs throughout the greater Jacksonville, Florida area.
Schedule a free discovery phone call with Legacy Planning Law Group at: www.legacyplanninglawgroup.co...
Additional Content to Consider:
• Sign up for our Newsletter: www.legacyplanninglawgroup.com/
• Read more about this and other estate Planning, Elder Law, and Probate topics by signing up for our blogs: www.legacyplanninglawgroup.co...
• Subscribe to our KZbin channel for more videos about this and other Estate Planning, Elder Law, and Probate topics: / @legacyplanninglawgrou...

Пікірлер: 15

@dmatthews7423 Ай бұрын

Trust piece starts at 3:39 Great video!

@gambno99 10 ай бұрын

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?

@MrChuckwagon55 4 ай бұрын

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

@tommason9753 4 ай бұрын

Yes

@jameshermes4341 3 ай бұрын

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?

@frednesvet5046 5 ай бұрын

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

@helmuttdvm 9 ай бұрын

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).

@davidleonard4925 8 ай бұрын

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?

@kebustewart674 2 ай бұрын

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??