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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 👁 3.8M
Josh Scandlen
⏲ 11 minutes 39 seconds 👁 22.2K
Safeguard Wealth Management
⏲ 11 minutes 13 seconds 👁 45.1K
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 👁 9.2M
Jennifer Beeston
⏲ 7 minutes 24 seconds 👁 29.1K
America's Estate Planning Lawyers
⏲ 14 minutes 27 seconds 👁 17.5K
Do Cloves Have Any Health Benefits? | Are cloves good for you?<br/><br/>welcome to Healthism! Today, I've got something exciting to share with you all about the incredible health benefits of cloves. Ever wondered if cloves are truly good for you? Well, stick around because we're diving deep into the science behind this powerful spice. Curious about what exactly is packed into a serving of cloves? We're breaking it down for you! Plus, we'll explore some potential health perks that might just surprise you. But wait, there's more! We'll also uncover when you should steer clear of clove products to keep yourself safe and healthy. So, grab a seat, stay tuned till the end of the video, and let's unravel the wonders of cloves together!\
⏲ 8:59 👁 25K
REDBOX TV
⏲ 12 minutes 22 seconds 👁 302
Retirement Reality On Demand
⏲ 7 minutes 8 seconds 👁 13.4K
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 👁 7.7M
Chase Giles - The Woodlands Realtor
⏲ 4 minutes 41 seconds 👁 6.3K
Business Finance Coach
⏲ 15 minutes 24 seconds 👁 27K
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