Cost Basis in Trust
A client just died who was in a joint family trust in which he and his spouse were co-trustees. She is primary beneficary of a non-qualified trust investment account. I am told we must change over the account to reflect her as sole trustee and place the account under her social security number. Question is how do we modify cost basis on a joint family trust?
Permalink Submitted by mk foss on Wed, 2012-10-03 01:27
This isn’t the exact forum for that. If you’re in a community property state, the answer may be different than if you’re in a community property state. Many trusts are split into a revocable and irrevocable portion when the first spouse passes away – in that case, the surviving spouse’s SSN is used for the revocable portion and an new ID number is required for the decedent’s portion. The survivor should consult the attorney who set up the trust or new estate counsel.