What is the name of your state? Nevada
I have individually owned mutual funds with capital gains.
The mutual funds are NOT retirement assets.
I am married.
The beneficiary of the individually owned mutual funds is a revocable living trust.
My wife and I are co-trustees of the revocable living trust.
The beneficiaries of the revocable living trust are charities.
The revocable living trust is using the same taxpayer id/social security number as me.
Question: In the event of my death, will the revocable living trust be entitled to use the step-up cost basis of the mutual funds when they are sold by my wife?
TIA.
I have individually owned mutual funds with capital gains.
The mutual funds are NOT retirement assets.
I am married.
The beneficiary of the individually owned mutual funds is a revocable living trust.
My wife and I are co-trustees of the revocable living trust.
The beneficiaries of the revocable living trust are charities.
The revocable living trust is using the same taxpayer id/social security number as me.
Question: In the event of my death, will the revocable living trust be entitled to use the step-up cost basis of the mutual funds when they are sold by my wife?
TIA.