Property which is transferred to an irrevocable trust under a completed gift does not qualify for a step-up in basis for capital gains tax savings, even if the trust maker continues to pay the ...

In March 2023, the IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families ...

discusses in this Retirement Daily video whether trust assets get a step up in basis. When my dad passed away 30 years ago his will created two trusts for my mom: a credit shelter trust and a ...

Understanding how the basis step-up rule operates is important for navigating the complexities of estate planning and taxation, as it can significantly impact the financial outcomes of inheritances.