_irs-quietly-changes-the-rule-on-how-your-childrens-inheritance-will-be-taxed.jpg "IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed from mohajabat bely dance Video Screenshot Preview")
GalleryPlay Video:
(Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
⏲ Duration: 1:29
👁 View: 17.6M times
✓ Published: 18-May-2024
👁 View: 17.6M times
✓ Published: 18-May-2024
Description:
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.
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.
Share with your friends:
Whatsapp | Viber | Telegram | Line | SMS
Email | Twitter | Reddit | Tumblr | Pinterest
Related Videos
_top-20-underrated-horror-movies-of-all-time.webp "These horror flicks deserve more than one thumb up! Welcome to WatchMojo, and today we’re hollering at the horror movies that don’t get the appreciation they deserve. We may be delving into some significant plot twists here, so a spoiler alert is now in effect.")
_top-30-most-rewatched-drag-race-moments.webp "These \")
_kiara-advani-heads-to-cannes-looking-cool-in-beige-spring-coat-matching-sneakers.webp "Actress Kiara Advani, who will next be seen in the upcoming Telugu film 'Game Changer', has left Mumbai to attend the 77th Cannes Film Festival. The actress was spotted at Mumbai's Chhatrapati Shivaji Maharaj International Airport, arriving in style as she was clicked by the shutterbugs.<br/><br/> #kiaraadvani #cannesfilmfestival #cannes #bollywood #don3 #fashion #trending #fashiongoals #entertainmentnews #viralvideo")
_a-league-players-alleged-to-be-involved-in-betting-corruption.webp "Three A-league players have been arrested following investigations into organised crime. Police allege a senior player was taking instructions from a man believed to be South America to organise yellow cards during certain games.")
_head-space-head-spa-opens-first-of-its-kind-in-massage-in-lancashire.webp "Head Space Head Spa located at 44 Pall Mall Chorley and you could be forgiven for thinking you have entered a spaceship!<br/>Owner Joanne Jones, 53, from Garstang, has brought the first-of-its-kind, massage table imported from Japan and shaped like a spaceship to Lancashire.<br/>The heated ‘spaceship’ table which massages from underneath is also equipped with LED lights and a relaxing waterfall at the top of the bed. <br/>")
_should-pubs-be-allowed-to-extend-opening-hours-if-england-or-scotland-reach-euro-2024-semi-finals.webp "Should pubs be allowed to extend opening hours if England or Scotland reach Euro 2024 semi-finals")
⏲ 1:17 👁 59.7M
_un-warns-global-wildlife-crime-driving-global-extinctions.webp "UN Warns Global , Wildlife Crime , Driving Global Extinctions.<br/>'The Guardian' reports that over <br/>4,000 species from around the world <br/>are the targets of wildlife traffickers. .<br/>According to a United Nations report, <br/>this causes \")
_snl39s-chloe-fineman-claps-back-at-critics-of-her-cannes-red-carpet-look-39no-need-to-be-so-mean39.webp "The actress is teaching her trolls a lesson in kindness")
⏲ 1:18 👁 12.5M
_top-20-underrated-horror-movies-of-all-time.jpg)
_top-30-most-rewatched-drag-race-moments.jpg)
_kiara-advani-heads-to-cannes-looking-cool-in-beige-spring-coat-matching-sneakers.jpg)
_a-league-players-alleged-to-be-involved-in-betting-corruption.jpg)
_head-space-head-spa-opens-first-of-its-kind-in-massage-in-lancashire.jpg)
_should-pubs-be-allowed-to-extend-opening-hours-if-england-or-scotland-reach-euro-2024-semi-finals.jpg)
_un-warns-global-wildlife-crime-driving-global-extinctions.jpg)
_snl39s-chloe-fineman-claps-back-at-critics-of-her-cannes-red-carpet-look-39no-need-to-be-so-mean39.jpg)
![[+]](/images/menu.gif){kind=small}