Linda Mathey Posted April 2, 2011 Report Share Posted April 2, 2011 Have a client that died in 2010. Their assets were in trust. The bank has sold numerous stocks with significant gains. I plan to extend return assuming no basis allocation and pay the higher tax. Has anyone else come up with this and how have you handled it? Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 2, 2011 Report Share Posted April 2, 2011 I have one client for whom we will elect step up as it is under 3 million and the stocks are in a family trust. The wife, it's a gamble, may have to pay Ohio estate tax when she passes - she's 97 - but the money is on the elimination of that by the time she passes. The other client is unknown as the deceased is in Massachusetts, the surviving spouse at 85 isn't too up on the situation, the executor is dragging heels in responding and the attorney isn't answering emails. Sigh..... Quote Link to comment Share on other sites More sharing options...
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