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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.

IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed

⏲ 1:29 👁 3.7M

LegaLees

IRS Extortion: HSA

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Mel DeWeese

IRS Updates on FSA and HSA plans 2023, Qualified Medical Expenses, The Use It or Lose It Rule

⏲ 10 minutes 39 seconds 👁 113

At a Senate Finance Committee hearing prior to the Congressional recess, Sen. Bill Cassidy (R-LA) questioned IRS Commissioner Danny Werfel about efforts to capture fraud.<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com

'Is The IRS Doing Any Of That?': Bill Cassidy Grills IRS Chief About Efforts To Capture Fraud

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Jason D. Knott

How to Complete IRS Form 8889 for Health Savings Accounts (HSA)

⏲ 6 minutes 19 seconds 👁 9.3K

Money and Life TV

Health Savings Account HSA Tax Forms and Tax Reporting Explained!

⏲ 19 minutes 14 seconds 👁 17K

At a Senate Finance Committee hearing prior to the Congressional recess, Sen. Todd Young (R-IN) questioned IRS Commissioner Danny Werfel about the failure of constituents to get service.<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com

IRS Commissioner Danny Werfel Asked Point Blank About Poor Customer Service For Taxpayers

⏲ 5:4 👁 2.2M

FIRE Psy Chat

IRS Announced 2024 HSA Contribution Limits | Early Retirement Strategy

⏲ 7 minutes 31 seconds 👁 7.5K

Jarrad Morrow

The Real TRUTH About An HSA - Health Savings Account Insane Benefits

⏲ 20 minutes 9 seconds 👁 584.7K

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.

IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed

⏲ 1:29 👁 9.1M

District Capital

HSA vs FSA: Which One Should You Get?

⏲ 14 minutes 20 seconds 👁 20K

The Retirement Nerds

4 HSA Hacks That Will Supercharge Your Wealth

⏲ 13 minutes 28 seconds 👁 215.7K

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