The credit shelter trust is no longer in existence but the marital deduction trust is. It "owns" a deferred indexed annuity (no withdrawals to date, no income stream from it), checking account, and investments through a brokerage account.
My sisters and I are the beneficiaries of the trust. The trust is the beneficiary of the annuity. When Mom passes, what's the tax treatment of the annuity/checking and brokerage accounts?
I'm assuming they're all included in her estate for estate tax purposes? Do they get a stepped-up basis before passing to the beneficiaries?
That's the question Jeffrey Levine, chief planning officer of Buckingham Wealth Partners, answered in this episode of Ask the Hammer.
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