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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.
⏲ 1:29 👁 7.1M
SK Financial CPA LLC
⏲ 1 minute 49 seconds 👁 5
The Perseverance
⏲ 10 minutes 8 seconds 👁 32.3K
Rhino Onward International, or ROI as it called itself, launched in 2022 with some big promises. The renewables development firm claimed that its “proprietary process and technology” put it in position “to assume the leading role in Green Hydrogen production.” The company said it was building a green hydrogen plant in Arizona that would be worth about $530 million within 5 years, according to marketing materials it shared with investors.<br/><br/>ROI raised $31 million from over 200 investors but apparently only invested $200,000 in the business; the firm’s promoters Paul Croft and J.D. Frost diverted the rest of the investors’ money to themselves and entities they control, according to an investor lawsuit filed in Illinois last month, which cited bank records obtained through subpoenas. Beginning in 2021 until last year, Croft, a 42-year-old entrepreneur living in Chicago, and Frost, a 40-year-old accountant based in Chattanooga, Tennessee, raised approximately $46 million from a series of phony renewables investment schemes, which the pair used to live extravagantly, pay employees at their tax advisory business, pay down short-term loans and even lend money to embattled professional hockey player Robin Lehner, according to allegations in lawsuits, bankruptcy filings, former investors and ex-employees of Croft’s and Frost’s businesses who spoke with Forbes on the record, and others with knowledge of the matter who spoke on the condition of anonymity in order to speak about sensitive information.<br/><br/>0:00 Introduction<br/>0:28 The Founding Of Rhino Onward International<br/>3:34 Who Was Scammed By Croft And Frost?<br/>6:11 Who Are Croft And Frost?<br/>9:21 When Did Investors Figure Out The Scam?<br/>12:17 Embellishing Wealth And Origin Stories<br/>14:26 What's Next?<br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/johnhyatt/2024/04/23/anatomy-of-a-46-million-renewable-energy-swindle/?sh=767c07c23c4b<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<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/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<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<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
⏲ 15:41 👁 7.3M
ATP.Finance
⏲ 18 minutes 7 seconds 👁 505
Richard Fain
⏲ 1 hour 58 minutes 46 seconds 👁 4.3K
Young Drivers - The Cost Of Getting On The Road
⏲ 1:4 👁 7M
Kevin Lum, CFP®
⏲ 12 minutes 53 seconds 👁 12.7K
Rick and Shelley
⏲ 59 minutes 20 seconds 👁 2K
Deputy Prime Minister Oliver Dowden has aimed a jibe at Angela Rayner as he joked she would be claiming the House of Commons as her principal residence soon.Ms Rayner has faced scrutiny about whether she paid the right amount of tax on the 2015 sale of her Stockport council house because of confusion over whether it was her principal residence, with Labour’s deputy leader insisting she believes she followed the law at all times.During Deputy Prime Minister’s Questions, Ms Rayner said: “I know this party opposite is desperate to talk about my living arrangements, but the public want to know what this Government is going to do about theirs.“Natalie from Brighton has been served with two no-fault eviction notices in 18 months, she joins nearly a million families at risk of homelessness due to his party’s failure to ban this cruel practice.“Now instead of obsessing over my house, when will he get a grip an show the same obsession with ending no fault evictions.”Mr Dowden replied: “To begin with it, is a pleasure to have another exchange with (Ms Rayner) in this House, our fifth in 12 months, anymore of these and she’ll be claiming it as her principal residence.”
⏲ 0:59 👁 15.1M
Alliance for Responsible Citizenship
⏲ 38 minutes 41 seconds 👁 7.9K
Boris Musheyev, CPA
⏲ 21 minutes 40 seconds 👁 38.7K
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