The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. Read more to learn more about this Ruling and how to qualify for one of the biggest tax loopholes.
Estate Planning Attorney at Progeny Law Firm
Myrna Arroyo graduated from Tulane University with an MBA/JD in May of 1995. Before starting her own law practice she practiced at several large law firms and has over 20 years of experience as a lawyer and entrepreneur. She currently focuses her law practice on helping families and business owners with estate planning, tax and Medicaid planning.
Latest posts by Myrna Arroyo (see all)
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