IRS Rule Change Should Have You Rethinking Your Irrevocable Trust appeared first on SmartReads CMS ... changes how the step-up in basis applies to assets held in an irrevocable trust.

Among the assets that aren’t affected by the step-up rule are retirement accounts—including 401(k)s, IRAs and pensions—and most assets in an irrevocable trust. What Is the Basis for Gifts?

Trusts can keep assets out of the gross estate or get a step-up in basis — but not both. Trusts with grantor trust provisions so that the trust maker pays taxes at their lower, individual tax ...

To get the step-up in basis, the assets in the irrevocable trust now must be included in the taxable estate at the time of the grantor's death. That's the bad news.

To get the step-up in basis, the assets in the irrevocable trust now must be included in the taxable estate at the time of the grantor's death. That's the bad news.

An irrevocable trust can be treated as a grantor trust, ... then the estate-excluded assets will not get a step-up in basis for capital gains tax under Internal Revenue Code Section 1014, ...

Among the assets that aren’t affected by the step-up rule are retirement accounts—including 401(k)s, IRAs and pensions—and most assets in an irrevocable trust. What Is the Basis for Gifts?

If the assets of an irrevocable grantor trust are not included in grantor’s gross estate upon his or her death, those assets do not get a Sec. 1014 basis step-up, the IRS clarified Wednesday in Rev.

Trusts can keep assets out of the gross estate or get a step-up in basis — but not both. Trusts with grantor trust provisions so that the trust maker pays taxes at their lower, individual tax ...