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Client had a revocable trust, using her SSN. She passed away in October. Does the revocable trust always become irrevocable upon death? The trustee says the trust documents do not mention anything about distribution of assets.. Her will does state each of her 4 kids as beneficiaries.
One of the assets in the trust is a rental property. Does the rental property get a stepped up basis upon death?
Thanks
Jacquie
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Yes
Yes
Slava Ukraini!
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First, you get a copy of the trust and read it.
Most people with a living trust -- well, at least those who don't forget to put things into it -- have a "pourover" will, that names the trust as beneficiary. Then their kids would be named as beneficiaries of the trust, not of their probate estate.
But ya' never know...
Until you read the trust.
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I will try to get a copy of the trust to read. Thank you .....
If the trust is the beneficiary, would the stepped up basis still apply for the rental?
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The trust would not be the beneficiary if it already owned the property.
The trust document have a section on administering the trust after the death of the grantor and what the duties of the Trustee are. There may or may not be distributions to be made.
The more I know the more I don’t know.
