Asked in Elder Law for Rhode Island

Q: Are there any situations when a home in an irrevocable trust doesn't get a step up in basis when the grantor dies?

CPA is telling me I have to pay capital gains on the sale of my deceased mother's home because the irrevocable trust was set up as a Medicaid protection,

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1 Lawyer Answer
R.J. Connelly III
R.J. Connelly III
  • Elder Law Lawyer
  • Pawtucket, RI
  • Licensed in Rhode Island

A: yes there are many situations where a home held as corpus of an irrevocable trust will not receive a stepped up basis.

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