Assertion: trust's asset | /r/HasProperty | entitled to a step-up
Facets:
value: in basis
type: OTHER
value: upon the settlor's death
type: TEMPORAL
Source sentences:
text: The settlor can transfer unlimited amounts to the trust at any time without gift tax consequences, (2) the assets of the trust are entitled to a step-up in basis upon the settlor's death, (3) the settlor can pay the income taxes on the earnings of the trust and allow the trust to grow tax free, (4) the settlor can put a home in the trust and retain all the tax benefits of home ownership if the trust is a grantor trust, (5) the trust is eligible to own stock in an S corporation, and (6) the settlor can change the trustees, the beneficiaries, or the terms of the trust at any time.
text: (2) the assets held by the trust may be entitled to a step-up in basis, (3) the grantor pays the trust's income and capital gains taxes on assets owned by the trust, allowing the trust to grow tax free, (4) the grantor can put any domestic or foreign asset into the trust including LLC Membership Units, S-Corp shares, C-Corp shares, life insurance, CD's, cash-like instruments, real estate, and a personal residence while retaining all the tax benefits of home ownership if remaining a grantor-type trust.