# @edwardcollins_upleveled on Instagram

- **Type:** Video
- **Original URL:** https://www.instagram.com/p/DKaGg84x-YL
- **Gondola URL:** https://gondola.cc/posts/35104073-edwardcollins-upleveled-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/4bcab374d9.jpg
- **Posted:** 2025-06-02T20:27:41.000+00:00
- **Account Owner:** Edward Collins | Money Lawyer & Wealth Strategist (@edwardcollins_upleveled) — https://gondola.cc/edwardcollins_upleveled

## Caption

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 Beneficiary (the one it benefits). 
 
So what kind of trust is right for you? 
 
That depends on your goals: 
 
Avoiding probate. 

Protecting your assets. 

Reducing estate taxes. 

Preserving wealth across generations. 
 
Here’s what I know: 

I’ve been doing this work for nearly 30 years. 

I specialize in tax, estate, and business law. 

I help business owners choreograph the full hierarchy of their financial lives. 
 
I don’t know if I’m the right fit for your situation… 
 
But I do know we can find out. 
 
👇 Drop the word “apply,” and let’s see. 

_______ 
 
Credit (IG): 
Rich Somer – [rich_somers] 
Karlton Dennis – [karltondennis] 
 
 SF0695

## Stats

- **Views:** 78
- **Likes:** 756
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- **Comments:** 132

## Credits

These are the roles credited on Gondola. Credits may be incomplete.
A brand, account owner, or featured person is not necessarily the creator.

| Name | Username | Profile | Role |
| --- | --- | --- | --- |
| Edward Collins | Money Lawyer & Wealth Strategist | @edwardcollins_upleveled | https://gondola.cc/edwardcollins_upleveled | Talent |
| Hector Garcia | @Hector_FilmSchool | https://gondola.cc/Hector_FilmSchool | Content Producer |

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