_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 quality estate sales erie 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: 1.5M times
✓ Published: 14-May-2024
👁 View: 1.5M times
✓ Published: 14-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
_novavax-and-sanofi-strike-multi-billion-dollar-deal-for-co-commercialization-of-covid-19-vaccine.webp "Novavax has signed a multi-billion dollar deal with French drugmaker Sanofi to co-commercialize Novavax's protein-based COVID-19 vaccine starting in 2025. Sanofi will pay Novavax an upfront payment of $500 million and up to $700 million in additional payments based on development, regulatory, and launch milestones. Sanofi will also take a less than 5% equity stake in Novavax and provide royalty payments on future vaccine sales. The deal allows Sanofi to develop combination shots using Novavax's COVID vaccine with Sanofi's flu shot or other vaccines in its portfolio.")
⏲ 0:45 👁 535K
_volkswagen-passat-interior-design-in-mariposit-green-metallic.webp "A class of its own. The Volkswagen Passat is a global bestseller. To date, more than 34 million units have been delivered to almost every country in the world. An ongoing success – even five decades after its debut, the Passat is currently one of the three best-selling Volkswagens internationally alongside the Tiguan and Polo (with their derivatives). In Europe, it has always been a steady long-term seller, especially as the Variant. Since 2022, Volkswagen has therefore exclusively offered the Passat as an estate version between the North Cape and Gibraltar. And with resounding success. In Germany, for example, the Passat Variant was topped the rankings in the mid-sized class in 2023, with 45,494 new registrations. The secret to its success is the fact that the Passat Variant is two cars in one – a business class vehicle and a family all-rounder at the same time. Now, a brand-new Passat Variant is being launched that has been developed from scratch. And this time, it is breaking down class boundaries. Even though the Passat Variant – now in its ninth generation – is priced (from 39,995 euros) in the mid-sized class, its new size, new quality standard and new innovative power mean it can cater to the next segment up.")
_european-companies-in-china-feel-the-squeeze-as-economic-growth-slows-down.webp "European companies operating in China face increasing pressure as China's economic growth slows down and overcapacity issues rise. Profits margins for European firms in China are at an 8-year low, with only 30% reporting higher profits than their global average. The slowing real estate sector and geopolitical tensions have contributed to China's economic downturn. Overcapacity is a major issue, especially in industries like construction, automotive, and engineering. It has led to price drops. Getting paid on time by Chinese clients is also a growing challenge as it became more difficult to enforce contracts versus the prior year.")
_ghost-rite-here-rite-now-124-official-trailer-tobias-forge.webp "Check out the Rite Here Rite Now trailer for the upcoming debut film from the rock band, Ghost. <br/><br/>Rite Here Rite Now was shot over the course of Ghost’s two sold-out shows at Los Angeles’ hallowed Kia Forum. Ghost's debut feature film combines live performance from the two-night finale of the band’s RE-IMPERATOUR U.S.A. 2023 with a narrative story that picks up plot threads from the band’s long-running Chapters series. <br/><br/>Rite Here Rite Now is directed by Ghost’s Tobias Forge and Alex Ross Perry and is produced by Popecorn Cinematic Pictures. Producers include Kristen Mulderig, Rick Sales, Craig Butta and Jonas Åkerlund.<br/><br/>Rite Here Rite Now will be in cinemas worldwide on June 20 and June 22 only.<br/>")
_stellantis-partners-with-leapmotor-to-expand-global-export-of-chinese-made-electric-vehicles.webp "Automaker Stellantis will rapidly expand exports of electric vehicles made by Chinese company Leapmotor through a new joint venture. Starting in September, Leapmotor EVs will be sold through Stellantis' distribution networks in Europe, the Middle East, Africa, India, Asia Pacific, and South America. The partnership does not currently include sales in the US due to new tariffs increasing duties on Chinese-made EVs to 100%. At least six Leapmotor EV models will be exported through the venture by 2027, complementing Stellantis' existing lineup.")
⏲ 0:37 👁 80K
_jawaani-jaaneman---full-hd-movie---saif-ali-khan-alaya-f-kubbra-sait-tabu.webp "An uber-cool, carefree Jazz aka Jassi (Saif Ali Khan) is a real estate broker in London who’s all set to crack the biggest deal of his life. He’s a party animal who loves his freedom but is also crossing the age of 40. He meets a girl, Tia (Alaya F) in the club, brings her home, tries to get steamy with her until she drops the “you might be my father” bomb on him.<br/>She statically explains to him how there’s a 33.33% chance that he’s her father. He’s not ready to sacrifice his freedom for her. The rest of the story is all about how Tia tries to stay close to Jazz and hope she gets her family together. On the other hand, we’ve Jazz who’s stuck in closing the deal & how it interconnects with Tia.<br/>Apart from attention-absorbing script, it’s Saif Ali Khan’s presence that keeps you hooked. After your done being envious of how cool he looks, you’ll start laughing with him on his lame jokes. The script makes its way through comedy & drama balancing both of them equally. It’s an easy to watch, easy to recommend dramedy which is laced by some good performances.<br/><br/>There were times when the adult in me screamed for why the makers didn’t take a complete ‘A’ certificate route and made this into an A-rated affair. But then, the target audience. The pace dips in the second half when the drama takes over the driving seat. Jawaani Jaaneman holds an edge over Ajay Devgn’s De De Pyaar De which kind-of had a similar genre.<br/><br/>Saif Ali Khan, without a single iota of doubt, is the best ageing Khan of Bollywood. There could’ve been no better actor than him to portray Jazz and he breathes in a whole of swag to the character. A tailor-made role for Saif flawlessly performed & intriguingly written.<br/><br/>")
_dj-duvvada-jagannadham---full-movie---allu-arjun-pooja-hegde.webp "Movie Story: Trained by a high-profile cop, an encounter specialist masquerading as a Brahmin priest takes on a real estate crime organization after losing his uncle.<br/>Movie Cast: Allu Arjun, Pooja Hegde, Rao Ramesh.")
_duolingo-reports-strong-q1-results-raises-guidance.webp "Duolingo reports quarterly earnings of 57 cents per share which beat the analyst consensus estimate of 27 cents by 111.11%. Quarterly sales come in at $167.6 million which beat the analyst consensus estimate of $165.677 million.")
_novavax-and-sanofi-strike-multi-billion-dollar-deal-for-co-commercialization-of-covid-19-vaccine.jpg)
_volkswagen-passat-interior-design-in-mariposit-green-metallic.jpg)
_european-companies-in-china-feel-the-squeeze-as-economic-growth-slows-down.jpg)
_ghost-rite-here-rite-now-124-official-trailer-tobias-forge.jpg)
_stellantis-partners-with-leapmotor-to-expand-global-export-of-chinese-made-electric-vehicles.jpg)
_jawaani-jaaneman---full-hd-movie---saif-ali-khan-alaya-f-kubbra-sait-tabu.jpg)
_dj-duvvada-jagannadham---full-movie---allu-arjun-pooja-hegde.jpg)
_duolingo-reports-strong-q1-results-raises-guidance.jpg)
![[+]](/images/menu.gif){kind=small}