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Sabah leaders from both sides of the political divide were among hundreds of people at the Kota Kinabalu Court Complex on Thursday (May 16), awaiting the outcome of a crucial court hearing that may compel Putrajaya to carry out its constitutional obligation of paying 40% revenue entitlement to the state.<br/><br/>Also in the crowd were activists, indigenous and state rights groups who came to wait in anticipation of the appeal by the Federal Attorney General on a judicial review initiated by the Sabah Law Society (SLS).<br/><br/>Read more at https://tinyurl.com/26834r8r<br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline
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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.
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