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Brian Portnoy, found of Shaping Wealth, joins TheStreet to discuss how to handle saving for the future vs. paying off debt now.
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The And Asset
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The And Asset
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NOAA Issues Rare , Warning Following Powerful , Solar Event.<br/>CBS reports that a severe G4 geomagnetic storm <br/>headed towards Earth has triggered a rare warning <br/>from NOAA officials for the first time in two decades.<br/>The warning comes following days of solar activity <br/>that sent several waves of plasma in Earth's <br/>direction along with powerful magnetic fields.<br/>G4 storms are the second-strongest <br/>type of geomagnetic storms and can <br/>cause widespread voltage problems. .<br/>NOAA warns that they can also cause some <br/>protective assets to \
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The And Asset
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The And Asset
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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 👁 1.7M
The And Asset
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The And Asset
⏲ 16 minutes 44 seconds 👁 6K
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 👁 2.3M
The And Asset
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The And Asset
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