What is the name of your state (only U.S. law)? NY
My parents each funded their own bypass trusts in early 2006. In late 2006, Dad passed away. Their house resides in the 'B' share of Dad's bypass trust, and some equities comprise his 'A' share, which, upon Mom's passing, get comingled with assets in her estate to comprise her total estate.
My question pertains to the cost basis of the equities in Dad's 'A' share:
1) do Dad's 'A' share equity assets get a stepped up basis to the date when he died just as the house comprising his 'B' share did?
or
2) if not, is the cost basis considered a carry over basis based on the date the equities went into trust, or
3) is the basis considered to be based on the date they were initially acquired back before they went into trust?
thanks much.
My parents each funded their own bypass trusts in early 2006. In late 2006, Dad passed away. Their house resides in the 'B' share of Dad's bypass trust, and some equities comprise his 'A' share, which, upon Mom's passing, get comingled with assets in her estate to comprise her total estate.
My question pertains to the cost basis of the equities in Dad's 'A' share:
1) do Dad's 'A' share equity assets get a stepped up basis to the date when he died just as the house comprising his 'B' share did?
or
2) if not, is the cost basis considered a carry over basis based on the date the equities went into trust, or
3) is the basis considered to be based on the date they were initially acquired back before they went into trust?
thanks much.