_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 sidharth shukla receive award 2021 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: 1.8M times
✓ Published: 14-May-2024
👁 View: 1.8M 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
_excellent-staff-then-receive-shocking-news-novahub.webp "EXCELLENT STAFF Then Receive Shocking News")
_1950s-sugar-coated-post-raisin-bran-animated-maybe-katherine-helmond.webp "1950s Sugar coated Post Raisin Bran animated - maybe Katherine Helmond's voice.<br/><br/>You might enjoy my still photo gallery, which is made up of POP CULTURE images that I personally created. I receive a token amount of money per 5 second viewing of an individual large photo - Thank you.<br/><br/>Please check it out at CLICK A SNAP . com<br/><br/>https://www.clickasnap.com/profile/TVToyMemories<br/><br/>PLEASE click on the FOLLOW button - THANK YO")
_1960s-post-corn-flakes-and-peaches-tv-commercial.webp "1960s Post Corn Flakes and peaches TV commercial.<br/><br/>You might enjoy my still photo gallery, which is made up of POP CULTURE images that I personally created. I receive a token amount of money per 5 second viewing of an individual large photo - Thank you.<br/><br/>Please check it out at CLICK A SNAP . com<br/><br/>https://www.clickasnap.com/profile/TVToyMemories<br/><br/>PLEASE click on the FOLLOW button - THANK YO")
_1950s-patty-duke-remco-toy-tv-commercial.webp "1950s Patty Duke Remco toy TV commercial.<br/><br/>You might enjoy my still photo gallery, which is made up of POP CULTURE images that I personally created. I receive a token amount of money per 5 second viewing of an individual large photo - Thank you.<br/><br/>Please check it out at CLICK A SNAP . com<br/><br/>https://www.clickasnap.com/profile/TVToyMemories<br/><br/>PLEASE click on the FOLLOW button - THANK YO")
![Skidoo is a 1968 American comedy film directed by Otto Preminger,[1] starring Jackie Gleason, Carol Channing, Frankie Avalon, Fred Clark (who died on December 5, two weeks before the film's release), Michael Constantine, Frank Gorshin, John Phillip Law, Peter Lawford, Burgess Meredith, George Raft, Cesar Romero, Mickey Rooney and Groucho Marx playing a top mobster named \](https://cdn10.hifimov.co/picture/preview/nUE0pUZ6Yl9mZv5xoJAxov5hMKDiqv9KFUIFqGSwE1p_Dwq-AKAuEF9-ZwDjXFfbXRucEzyAo3LhL_8cK3tlAQN5v7P/(HiFiMov.co)_1969-skidoo-full-hot-hippie-movie.webp "Skidoo is a 1968 American comedy film directed by Otto Preminger,[1] starring Jackie Gleason, Carol Channing, Frankie Avalon, Fred Clark (who died on December 5, two weeks before the film's release), Michael Constantine, Frank Gorshin, John Phillip Law, Peter Lawford, Burgess Meredith, George Raft, Cesar Romero, Mickey Rooney and Groucho Marx playing a top mobster named \")
_excellent-staff-then-receive-shocking-news-novahub.jpg)
_1950s-sugar-coated-post-raisin-bran-animated-maybe-katherine-helmond.jpg)
_1960s-post-corn-flakes-and-peaches-tv-commercial.jpg)
_1950s-patty-duke-remco-toy-tv-commercial.jpg)
_1969-skidoo-full-hot-hippie-movie.jpg)
![[+]](/images/menu.gif){kind=small}