Deceased client left a trust to heirs. Do heirs get a stepped-up basis?
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It depends on the Trust.
Generally, a Revocable Trust would be stepped up and a Irrevocable Trust would not. But then there are such as weird things as an Intentionally Defective Irrevocable Trust which allows the step up, so it can be tricky.
It depends on the Trust.
Generally, a Revocable Trust would be stepped up and a Irrevocable Trust would not. But then there are such as weird things as an Intentionally Defective Irrevocable Trust which allows the step up, so it can be tricky.
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