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Reply to "Setting up an irrevocable trust"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]A benefit of an irrevocable trust is that the money does not have to go through probate. No gift tax is levied. The money no longer belongs to you and your beneficiaries will pay taxes on the income produced by the trust at a higher rate. One disadvantage of the trust is that the assets will not get a stepped up basis upon your death so the beneficiaries will pay capital gains based on the original purchase price. [/quote] Is that not the case with a revocable trust?[/quote] * Specifically not getting the stepped up basis upon death .[/quote]
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