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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 👁 17.4M
pdftax
How to fill out IRS Form 1040 for 2020
⏲ 7 minutes 4 seconds 👁 132.9K
Wise Money Show
IRS Releases New 1040 Tax Form 2020
⏲ 9 minutes 3 seconds 👁 10.7K
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 👁 7.9M
filemytaxesonline
IRS Federal Income Tax Form 1040A for 2020, 2021
⏲ 53 seconds 👁 58
filemytaxesonline
Where to Get Printable IRS Tax Forms & Instructions 2020, 2021
⏲ 1 minute 👁 72
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 👁 2.3M
Katie St Ores CFP, ChFC, EA
1040sr for Seniors.Step by Step Walkthrough of Senior Tax Return 1040SR. New IRS Form 1040-SR
⏲ 10 minutes 32 seconds 👁 53.8K
Cloud Expat Tax
How to Fill 2020 Form 1040 - Instructions for Stimulus Payments - Simple MFJ US Tax Return 2020.
⏲ 6 minutes 24 seconds 👁 17.1K
Disclaimer: This video shows content that is not owned nor created by us. All the rights go to the original designers and owners of the content shown in this video. This is being uploaded for preservation and entertainment purposes only. Under the Copyright Law article \
SNK (Japan) Logo History 1988-Present
⏲ 16:25 👁 10K
Millennial Finance 101
How To Get Your Stimulus Money 2021 - Step By Step Guide -File Your Taxes For Free
⏲ 11 minutes 38 seconds 👁 42.9K
Tax Law Guy
How to Get IRS Back Taxes Forgiveness 3 Different Ways [IRS Back Taxes Help] #backtax
⏲ 20 minutes 32 seconds 👁 40.9K
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