Need some advice from knowledgeable trust preparers. Have a long-time client, and their parents passed this year. The parents set up an irrevocable trust< (I read the trust, it is an irrevocable complex trust) the assets are stocks and two homes (personal use only). My understanding of irrevocable trusts is, if trust sell assets and receive 1099’s in trust EIN, then no step-up in basis. If the trust distributes assets, and beneficiaries title them in their name then sell receiving 1099’s in beneficiaries SS they will receive step-up basis. thanks in advance for your help.