_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 toilet kora value 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: 3.7M times
✓ Published: 01-May-2024
👁 View: 3.7M times
✓ Published: 01-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
_avoid-these-7-common-toilet-buying-mistakes.webp "Mom Can Fix It")
_one-in-five-want-to-start-their-own-side-hustle-or-business.webp "More than one in five Brits want to start their own business or side hustle, according to research.<br/><br/>And a third of those want to make the leap within the next two years.<br/><br/>Becoming your own boss and having more flexibility (both 40 per cent) are the top factors for leaving behind the 9 to 5 and focusing on going it alone.<br/><br/>The poll of 2,000 adults found others valued more independence (35 per cent) and a better work-life balance (35 per cent).<br/><br/>The research was commissioned by AXA as part of its Startup Angel competition, where entrants can win two top prizes of £25,000 in funding plus mentoring from successful entrepreneurs.")
_whats-inside-a-filipino-bathroom.webp "Jeanelleats")
_out-of-toilet-paper-shorts.webp "Woa Parody Like")
_ai-sells-my-rarest-units-on-the-marketplace-in-toilet-tower-defense-roblox.webp "Kwil")
⏲ 16 minutes 28 seconds 👁 3.9K
_they-messed-up-the-toilet-leonata-family-shorts-tiktok.webp "LeoNata Family")
_meta-stock-plummets-15-as-market-reacts-to-increased-ai-spending.webp "Meta's stock price fell 15% when markets opened on Thursday, wiping $190 billion off its market value. This was in reaction to Meta's pledge to increase spending on artificial intelligence technologies significantly. Meta CEO Mark Zuckerberg said AI spending would need to \")
_toilet-cleaning-product-name-list-toilet-washroom-cleaning-tools-home-amp-house-cleaning-tools.webp "Use Better Word")
⏲ 1 minute 25 seconds 👁 38.9K
_avoid-these-7-common-toilet-buying-mistakes.jpg)
_one-in-five-want-to-start-their-own-side-hustle-or-business.jpg)
_whats-inside-a-filipino-bathroom.jpg)
_out-of-toilet-paper-shorts.jpg)
_ai-sells-my-rarest-units-on-the-marketplace-in-toilet-tower-defense-roblox.jpg)
_they-messed-up-the-toilet-leonata-family-shorts-tiktok.jpg)
_meta-stock-plummets-15-as-market-reacts-to-increased-ai-spending.jpg)
_toilet-cleaning-product-name-list-toilet-washroom-cleaning-tools-home-amp-house-cleaning-tools.jpg)
![[+]](/images/menu.gif){kind=small}