B
brickbat
Guest
What is the name of your state? California
I have a revocable trust in which I have placed a real estate asset. I know that if I specify in my trust that this holding goes to a specific individual, the cost basis will be stepped up to the market value at the time of my death.
My question is: If I do not specify in the trust an individual who will receive this property, and leave it to go into the trust to be sold and proceeds divided among the heirs by the successor trustee; will the trust enjoy the stepped up value the same as if the property were bequeathed to a specific person?
I have a revocable trust in which I have placed a real estate asset. I know that if I specify in my trust that this holding goes to a specific individual, the cost basis will be stepped up to the market value at the time of my death.
My question is: If I do not specify in the trust an individual who will receive this property, and leave it to go into the trust to be sold and proceeds divided among the heirs by the successor trustee; will the trust enjoy the stepped up value the same as if the property were bequeathed to a specific person?