 Irrevocable Trusts: Step Up in Cost Basis vs. Expemption from Death Tax.️ Schedule your FREE consultation today at mcelderlaw.com/scheduling or Call us at 1-888-999-6600.#trust #irrevocabletrust #tax #taxes #stepup #costbasis #taxablebasis #realestate #assetprotection #estateplanning #elderlaw #charlottenc #hendersonvillenc #shelbync | McIntyre Elder Law | Facebook
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 Irrevocable Trusts: Step Up in Cost Basis vs. Expemption from D…
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Let’s Clear This Up Once and For All… “Only revocable trusts get a step-up in basis.” That’s the myth. And here’s the truth: 📌 Any inherited asset gets a step-up (or step-down) in basis to its fair market value at the date of death. Doesn’t matter if it passes through: ✅ A will. ✅ A revocable trust. ✅ Or even if there’s no estate plan at all. Now let’s talk about what actually defines the difference between revocable and irrevocable trusts... It’s not about whether you can move assets in or out
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