Why An Irrevocable Trust Can Be Superior to Gifting
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Why An Irrevocable Trust Can Be Superior to Gifting
Jan 11, 2016
Fox BusinessDavid Votta
💼 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
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💼 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
32 viewsJul 25, 2023
FacebookMcIntyre Elder Law
Irrevocable Trusts Explained: How They Work, Types, and Uses
Irrevocable Trusts Explained: How They Work, Types, and Uses
4 months ago
investopedia.com
You’ve probably heard someone say: “To get a step-up in basis, you need a trust.” That’s flat-out wrong. And this post gets it right. This is Edward-Verified. We’re talking about what happens tax-wise when an asset is transferred — either through a gift or inheritance. Here’s the truth: IRC §1014 governs inherited assets. When someone passes away, their heirs typically receive a step-up (or step-down) in basis based on the fair market value at the time of death. IRC §1015 governs gifts. When you
2:22
You’ve probably heard someone say: “To get a step-up in basis, you need a trust.” That’s flat-out wrong. And this post gets it right. This is Edward-Verified. We’re talking about what happens tax-wise when an asset is transferred — either through a gift or inheritance. Here’s the truth: IRC §1014 governs inherited assets. When someone passes away, their heirs typically receive a step-up (or step-down) in basis based on the fair market value at the time of death. IRC §1015 governs gifts. When you
1.8K viewsApr 20, 2025
FacebookUplevel Entrepreneur
3 powerful advantages of an irrevocable trust: 1️⃣ Estate tax reduction — assets moved out of your estate = lower tax bill. 2️⃣ Step-up in basis — heirs may avoid capital gains on inherited assets. 3️⃣ Tax shifting — income can be taxed at a lower bracket outside your name. Complex? Yes. Powerful? Absolutely. #YourMoneyGuideOnTheSide #TylerGardner #irrevocabletrust #estatetransfer #taxstrategy #wealthplanning #retirementestateplanning #stepupinbasis #taxefficiency #smartwealthmoves | Socialcapof
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3 powerful advantages of an irrevocable trust: 1️⃣ Estate tax reduction — assets moved out of your estate = lower tax bill. 2️⃣ Step-up in basis — heirs may avoid capital gains on inherited assets. 3️⃣ Tax shifting — income can be taxed at a lower bracket outside your name. Complex? Yes. Powerful? Absolutely. #YourMoneyGuideOnTheSide #TylerGardner #irrevocabletrust #estatetransfer #taxstrategy #wealthplanning #retirementestateplanning #stepupinbasis #taxefficiency #smartwealthmoves | Socialcapof
19.1K views11 months ago
FacebookSocialcapofficial
Step Up in Basis — What You Need to Know | White Coat Investor
Step Up in Basis — What You Need to Know | White Coat Investor
11 months ago
whitecoatinvestor.com
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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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
137K views11 months ago
FacebookUplevel Entrepreneur
Step up in basis and community property states – don’t make this mistake! — Financial Alternatives
Feb 21, 2021
financialalternatives.com
0:17
Here are the 2 main trust types explained simply: 👉 Revocable Trust (Living Trust) You stay in control. You can change it anytime. Great for estate planning, privacy, and avoiding probate — but it usually doesn’t protect assets from lawsuits or creditors. 👉 Irrevocable Trust Once assets go in, control shifts to the trust. This can provide stronger asset protection, legacy planning benefits, and structured wealth preservation — but it requires serious planning. Bottom line: Wealth isn’t just ab
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