If the trust is not written to avoid that, yes. But I write every IRR trust with provisions that will ensure that the beneficiaries of the trust DO get a stepped up basis.
Ok.ty so nuch.. I will explore that option in NY. In conversation I heard that if you do not relinquish all control of asset, in thi case a house, then Medicaid can have access and make claim on it.
Always appreciate your time to share your knowledge with us.
What about other assets, like checking/savings accounts, stock/bonds/investments, IRAs, etc? Should they also be put into the irrevocable trust?
They can be, but you wouldn't want to put anything in the trust you'd need to live on down the road.
Is it true that assets placed in an irrevocable trust, like a house, do not get a stepped up basis if they go to sell?
If the trust is not written to avoid that, yes. But I write every IRR trust with provisions that will ensure that the beneficiaries of the trust DO get a stepped up basis.
Ok.ty so nuch.. I will explore that option in NY. In conversation I heard that if you do not relinquish all control of asset, in thi case a house, then Medicaid can have access and make claim on it.