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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 👁 10.4M

Humphrey Yang

Why Americans Are So Broke in 2024 (Top 5 Reasons)

⏲ 13 minutes 6 seconds 👁 23.1K

Incite Tax u0026 Accounting

So, You're Late Filing Taxes, now what? | Incite Tax

⏲ 6 minutes 19 seconds 👁 2.9K

Independent Senator Jacqui Lambie has slammed the federal budget's $300 energy rebate and tax cuts announced by treasurer Jim Chalmers on Tuesday, May 14. Vision courtesy: ABC

'Gotta be joking me': Jacqui Lambie slams federal budget's cash splash

⏲ 0:53 👁 44.3M

CBS Chicago

Tax expert offers tips as deadline to file 2020 taxes approaches

⏲ 3 minutes 7 seconds 👁 172

LYFE Accounting

Tax Refund in 2021: Why You Still Don't Have Your Money

⏲ 13 minutes 4 seconds 👁 10.5K

In most industries, you can generally rely on a legitimate professional’s opinion for guidance. But the investment industry — or more specifically, the investment PREDICTION industry — is an altogether different animal. That seems counterintuitive, doesn’t it? It sure feels like that trade would be filled with legitimate pros whose advice you could literally take to the bank. After all, we’re inundated with supposed experts each day on television, in podcasts, and in the newspapers, pr

Do We Really Need Stock Market Predictions?

⏲ 16 min 65 sec ✓ 15-Apr-2023

Lena Petrova

🔴 Unpaid Taxes - How Does The IRS Collect Past Due Taxes? | What To Do With Late Tax Return?

⏲ 10 minutes 35 seconds 👁 1.8K

Becca Lee

2024 File an Extension on Your Taxes: 3 EASY Ways! Extend Until Oct 15!

⏲ 9 minutes 43 seconds 👁 13.1K

John Krasinski has revealed how his children inspired 'IF', his new animated film.

John Krasinski's new movie has been inspired by his children

⏲ 1:23 👁 4.5M

MSNBC

Bidens Release 2021 Tax Returns

⏲ 2 minutes 28 seconds 👁 161.3K

Travis Sickle

IRS Form W 4 Bigger Paycheck and Lower Taxes

⏲ 14 minutes 6 seconds 👁 37.1K

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