Property, such as your home, held in an irrevocable trust 'that is not included in the taxable estate at death' will no longer receive a step-up in basis. Here’s why the wording of that is key.

In March, the IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.

I found this article today that will clue you in on the changes I am not a CPA nor am I a Tax Attorney so I urge you to contact qualified professionals that can guide you in order to protect the legacy you plan to leave to your children

Meanwhile, you might find it in your interest to discuss with your tax professional the differences between revocable and irrevocable trusts. This link provides a brief introduction

If you would like referrals to trust attorneys or cpas, let me know and I will be happy to help.

So what is your property worth in today’s market? Use this link to find out https://www.palosverdeshomesbest.com/homebot-signup