Quote:
Originally Posted by rjm1cc
Good question. My guess is the assets in a revocable trust get a stepped up basis at the death of the person who created the trust. I think I am correct on this part. If the trust is irrevocable you do not get a step up in basis. I think I am correct but better check if this is important to you.
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A typical living trust will be revocable until the trust creator dies, and then it becomes irrevocable. But, the trust beneficiaries will still get a stepped up cost basis for the house.