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Reply to "Do you know how much is in the family trust?"
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[quote=Anonymous][quote=Anonymous]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. [/quote] 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?[/quote]
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