Legal Question in Wills and Trusts in California
Inherited assets
H dies serveral years ago and H & W's assets go into exemption trust($600,000 in asset value) and survivor trust. W dies in 2008. Assets in both trust pass on to son. What is son's basis in assets held by the exemption trust? Is it the value of the assets at H's death or W's death?
1 Answer from Attorneys
Re: Inherited assets
It sounds more like there was an A-B Trust created at the first passing.
Generally there would not be a step up in basis for the assets in the decedent's trust, but it can depend on the type of asset that was placed in the trust.
I would need more information and to review the trust terms to answer with more certainty.
Our firm would be happy to provide son with a preliminary review free of charge. Please feel free to contact me off the public forum to discuss further.
If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com
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