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Are there any tax events that occur with an irrevocable trust (in this case stock holdings) when the grantor dies?

-at the time of the grantor's death does the beneficiary own the stock outright?
-am I correct the stock holdings in an irrevocable trust do not receive the favorable "stepped-up" cost basis?

btw, in my case I don't think the trust is large enough to incur any federal or state estate/inheritance taxes.

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