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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 👁 7.3M

Nathan

⏲ 2 minutes 57 seconds 👁 109.3K

Rincon Property Management

NEW SB567 Explained: Nightmare Regulations For California Landlords

⏲ 21 minutes 23 seconds 👁 242

https://www.maximotv.com <br/>B-roll footage: Melissa McCarthy attends the red carpet premiere of Netflix's 'Unfrosted' at the Egyptian Theatre in Los Angeles, California, USA, on Tuesday, April 30, 2024. This video is only available for editorial use in all media and worldwide. To ensure compliance and proper licensing of this video, please contact us. ©MaximoTV

Melissa McCarthy attends Netflix's \

⏲ 2:3 👁 11.5M

Ask-Answer by Ava

Is Arizona same time as California?

⏲ 36 seconds 👁 45

Eagle Xpress

Is it a good time to buy a van? How not to get burned out in expediting | May 2024

⏲ 16 minutes 27 seconds 👁 148

Doctor reveals the difference between what adults and children experience when they die from time difference from california to japan

Doctor reveals the difference between what adults and children experience when they die

⏲ 1:2 👁 3.8M

Qu0026A w/ Owen Ramirez

How far is California from Florida time zone?

⏲ 32 seconds

Adella Kuprian

California is in what time zone?

⏲ 5 seconds 👁 195

An expert panel said lowering the age recommendation from 50 to 40 could make a difference as more and more women in their 40s are being diagnosed with breast cancer.

Why US experts are now recommending breast cancer screenings for women in their 40s

⏲ 1:42 👁 5.2M

Learn Bright

Time Zones for Kids | Learn about the time zones of the world.

⏲ 6 minutes 34 seconds 👁 56.8K

LegalEagle

Inside Trump's Trial: Chaos, Consequences, & Contempt

⏲ 20 minutes 47 seconds 👁 140.6K

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