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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

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Katie’s Travel Tricks

Venture X Must Dos for Top Value

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Beavis Wealth

Own Canadian Banks?Increase Returns with Less Risk

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Israeli military tanks have ventured into the camp after five Israeli soldiers were killed over the weekend.

Israel attacks northern Gaza's Jabaliya refugee camp

⏲ 1:23 👁 1.3M

Chase Yokoyama

Why I Changed My Mind on the Capital One Venture X

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Anderson Fam

Capital One VentureOne Credit Card Review | WORTH IT In 2024?!

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Shakira may be innocent of the tax fraud charges against her, as Spanish prosecutors are now asking a second investigation into the star be dropped.

Shakira’s Second Tax Fraud Probe Dropped

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AVOID Capital One If You Can’t Accept These Secret Policies

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Spencer Johnson

Is The Venture X ACTUALLY Worth It? (My 1-Year Review)

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During a House Appropriations Committee hearing on Tuesday, Rep. Mark Amodei (R-NV) questioned Internal Revenue Service Commissioner Danny Werfel about their tax collections and technology innovations.<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com

‘Are Dollars Up The Last Couple Cycles?’: Mark Amodei Presses IRS Chief On Tax Collections

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Griffin Milks

How To File Your Taxes For FREE Online in Canada 2023-24 Season (Max Refund) - Griffin Milks

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AskSebby

How to Maximize the Capital One Venture X: Must Have Duo System 2024

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