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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Is the cost basis reset if the stocks were held within an irrevocable trust?[/quote] This is why you need a professional. It would be unusual if your relative created an irrevocable trust. It is much more likely that they set up a grantor, living, revocable trust that became irrevocable upon death. In these more typical circumstances, your basis is the stepped-up value at the date of death. The stock in an irrevocable trust is usually a gift to the trust by the grantor and the basis of the stock is the grantors' basis, regardless of the date of the gift or grantor's death. [/quote] How realistic is it to dissolve an irrevocable trust that no longer seems worthwhile now that the estate tax exemption is higher? What sort of professionals should be sought out -- estate/trust lawyer? Elder care lawyer? Any recommendations in the DC area?[/quote]
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