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Understanding Trusts Trusts are made by settlors (a person in addition to a attorney) who make your mind up the way to transfer elements or all of the person's assets to trustees. These trustees maintain on on the belongings for the beneficiaries on the trust.

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This is an example of how the stepped-up basis calculation will work, using stocks: The original expense of shares was $5,000. The shares ended up placed into a revocable trust and passed on to some beneficiary.

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