Do you know how much is in the family trust?

[Anonymous]

Anonymous wrote:They have each set up irrevocable trusts and a few years ago they gave us an update on the value. I don’t think about it and since I hope they live forever I see it as something that will really benefit my children given the nature of the trust. They are very generous with 529s and annual gifts so I’m very appreciative.

The assets you’d eventually get from the irrevocable trust (at last survivor death) - that will not get a step up in cost basis like estate assets do, correct?

So then you will handle the mark up taxes upon any voluntary or involuntary withdrawals?

Or is there a step up at death of irrevocable trust assets when going to beneficiary?

[Anonymous]

Anonymous wrote:Yea, I pay $600 annually to the trust administrator. I think there is $0 in it. I think I’ve paid $6,000 since 2014 in this annual fee. It’s weird. I should talk to my dad about whether there will actually ever be money in it.

I recall we told you that this was not right. I pay zero dollars for the family trust. You should not be paying anything.