[WSBAPT] TODD step-up?

[Diane J. Kiepe]

Yes; the rule under 1014 is that if it is in one's gross estate, and is not and item of IRD, it gets a step up in basis and in WA (and other community property states) the whole gets a step up in basis.  Whether it gets a second step up in basis on the death of the beneficiary depends on if the spouse is the sole beneficiary, the type of trust and elections made.

Good luck,


Diane J. Kiepe

Diane J. Kiepe
Douglas Eden
717 W. Sprague Ave.
Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300



From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Marilyn J Kliman Law
Sent: Monday, March 4, 2019 9:50 AM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] TODD step-up?

Folks -

Does real estate still get a step-up in basis if a testamentary trust is named as beneficiary?

Thanks.


Marilyn J.Kliman
Marilyn J. Kliman Law, PLLC
510 Bell Street
Edmonds, WA 98020
206.499.0993<tel:206.499.0993>
Marilyn at MarilynJKlimanLaw.com<mailto:Marilyn at MarilynJKlimanLaw.com>
www.MarilynJKlimanLaw.com<http://www.marilynjklimanlaw.com/>
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