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The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.

IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed

⏲ 1:29 👁 10M

Griffin Milks

TOP 20 Tax Deductions & Credits in Canada! - REDUCE YOUR TAX BILL

⏲ 23 minutes 8 seconds 👁 7K

Employment and Social Development Canada

How the age amount and pension income amount tax credits can benefit you

⏲ 1 minute 28 seconds 👁 917

New research, conducted by OnePoll on behalf of the banking app Chime, found that 52% of Americans feel like they only use half of the information they were taught in school… in their adult lives.

Most Americans Rely On Google More Than Formal Education!

⏲ 1:11 👁 7.4M

Jazz Wealth Managers

4 types of income not taxed in retirement. | FinTips

⏲ 8 minutes 35 seconds 👁 531.8K

CNBC Television

Joe Biden tax plan defines wealthy at $400,000 per year or more—Is that the Goldilocks number?

⏲ 2 minutes 9 seconds 👁 7.7K

Shadow Chancellor Rachel Reeves insists people are still worse off under a Tory government despite inflation falling to 3.2%, adding the reason for the fall was due to changes in global markets. Report by Alibhaiz. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Reeves: People still worse off despite fall in inflation

⏲ 0:43 👁 4.1M

Bloomberg Tax

How to Calculate the ASC 740 Tax Provision

⏲ 28 seconds 👁 1.5K

NBC10 Philadelphia

What to Do If You Still Have Not Received Your 2019 or 2020 Tax Refund

⏲ 2 minutes 49 seconds 👁 6.8K

Passengers on the District Line are facing severe delays on Monday morning while Transport for London deals with a derailed empty train.Earlier commuters faced 30 minute delays at rush hour as some lines were blocked between Clapham Junction and London Victoria.There are reports of slow traffic on various sections of the M25.

District line chaos after empty train derailed and Overground part-suspended

⏲ 0:50 👁 3.1M

Happy Birthday, <br/>Tan France!.<br/>Tanweer Wasim Safdar <br/>turns 41 years old today.<br/>Here are five fun facts about <br/>the fashion designer.<br/>1. France was inspired <br/>to pursue fashion by <br/>his grandparents’ <br/>clothing factory.<br/>2. He worked at Zara after college.<br/>3. The designer founded his own clothing line <br/>in 2011, Kingdom & State.<br/>4. He loves Justin Bieber’s style.<br/>5. He has his <br/>own memoir, <br/>‘Naturally Tan.’.<br/>Happy Birthday, <br/>Tan France!

Happy Birthday, Tan France! (Sat., April 20)

⏲ 0:51 👁 345K

The NFL draft is a little over a week away and The Fan will have full coverage round by round.Our own Bryan Braddus joins Shan & RJ to answer all of your Cowboys draft questions!

NFL draft Qs for Brauddus: Cowboys rebuild, need vs BPA, and more

⏲ 13:22 👁 2M

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