_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 the subject was roses 1968 Video Screenshot Preview")
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✓ Published: 05-May-2024
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✓ Published: 05-May-2024
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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.
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.
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_the-subject-was-roses.webp "Warner Bros.")
_tcm-comments-on-the-subject-was-roses-1967.webp "24fpsfan")
_bridgerton-superfan-with-6k-of-period-clothing-92.webp "A Bridgerton superfan with a £6k wardrobe of period clothing says strangers constantly mistake her for an extra.<br/><br/>Sophie Andrews, 28, spent 10 years curating a regency wardrobe.<br/><br/>She owns 25 day dresses and 10 ballgowns -which are all handmade by her friend and fellow regency enthusiast, Abigail Rose, 33. <br/><br/>Sophie says she often gets mistaken for dressing specifically as a Brigerton character - and says people even think she's filming for the series.<br/><br/>She is looking forward to watching the latest season of Bridgerton where the protagonist, Penelope, is plus size like herself. <br/><br/>Sophie, an author, from Reading, Berkshire, said: “I’ve always loved Penelope as a character because she was on the side lines and not seen as pretty.<br/><br/>“I’m a larger girl so it will be nice to see that character coming into her own and getting her happy ending despite being seen as a wallflower who’s considered as pretty as the other characters.<br/><br/>“She deserves her happy ending, but I’m not sure about Collin, her love interest. He’ll have to impress me.<br/><br/>“I’ve watched every series with my best friend Abigail, and I suspect we’ll be staying up at midnight together to watch the first part of the new season.<br/><br/>“I’ve got very used to being out and about and people talking to me. It doesn’t faze me.<br/><br/>“People now stop me to speak about Bridgerton and I even get people asking if I’m filming something.”<br/><br/>Sophie has had a passion for regency clothing since she was 18 but says the rise of Bridgerton has led to a fresh attitude towards the period. <br/><br/>\")
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