Let’s Clear This Up Once and For All… “Only revocable trusts get a step-up in basis.” That’s the myth. And here’s the truth: 📌 Any inherited asset gets a step-up (or step-down) in basis to its fair market value at the date of death. Doesn’t matter if it passes through: ✅ A will. ✅ A revocable trust. ✅ Or even if there’s no estate plan at all. Now let’s talk about what actually defines the difference between revocable and irrevocable trusts... It’s not about whether you can move assets in or out. It’s about one word: modification. 🟢 Revocable Trust = Agreement written in sand. You (the grantor) can change it, revoke it, or rewrite it during your lifetime. 🔴 Irrevocable Trust = Agreement written in stone. Hard to change. Often used for asset protection, estate tax minimization, and legacy control. But both types of trusts are built on the same foundation: A private agreement between: A Grantor (the creator). A Trustee (the manager). A Be...