_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 indian saree aunty passing song of bess kris prem movie basbo re Video Screenshot Preview")
GalleryPlay Video:
(Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
⏲ Duration: 1:29
👁 View: 3.8M times
✓ Published: 06-Apr-2024
👁 View: 3.8M times
✓ Published: 06-Apr-2024
Description:
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.
Share with your friends:
Whatsapp | Viber | Telegram | Line | SMS
Email | Twitter | Reddit | Tumblr | Pinterest
Related Videos
_xinhua-pigeon-whistles-of-xinjiang39s-ancient-city.webp "Experience the allure of Kashgar's old town in Xinjiang, China, where winding streets and historic architecture create a timeless atmosphere. <br/><br/>Every coo of a passing pigeon tells a story of tranquility and warmth.<br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline")
_us-historians-inform-supreme-court-that-they-reject-trumps-immunity-claim.webp "US Historians Inform Supreme Court , That They Reject Trump’s Immunity Claim.<br/>Former President Donald Trump faces multiple federal election interference charges stemming <br/>from his attempt to overturn the 2020 election.<br/>He and his legal team assert that he is immune to prosecution since he was president at the time.<br/>But 15 historians have since \")
_legendary-nyc-dj-mister-cee-dead-at-57.webp "Legendary NYC DJ , Mister Cee , Dead at 57.<br/>Mister Cee was an influential figure in <br/>the world of hip-hop who served as DJ for <br/>rapper Big Daddy Kane and is credited for<br/>his role in discovering The Notorious B.I.G. .<br/>CNN reports that Mister Cee's former employer, <br/>New York's Hot 97 hip-hop radio station, <br/>released a statement regarding his death.<br/>As a family at HOT 97 and WBLS, <br/>we’re deeply saddened by the passing of our beloved Mister Cee. , Hot 97 statement, via CNN.<br/>Mr. Cee’s influence stretched <br/>far beyond the airwaves, shaping <br/>the very fabric of NYC’s DJ culture, Hot 97 statement, via CNN.<br/>Our hearts are heavy as we send <br/>our love and condolences to his <br/>family and the fans whose lives <br/>he touched through his music. <br/>Rest easy, Mr. Cee. <br/>Your legacy will live forever, Hot 97 statement, via CNN.<br/>No cause of death was released <br/>at the time of the announcement.<br/>Mister Cee was born, Calvin LeBrun , in Brooklyn, New York.<br/>Mister Cee was born, Calvin LeBrun , in Brooklyn, New York.<br/>After rising through the hip-hop scene of <br/>New York City, Mister Cee worked on Big Daddy <br/>Kane's debut 1988 album, 'Long Live the Kane.'.<br/>After rising through the hip-hop scene of <br/>New York City, Mister Cee worked on Big Daddy <br/>Kane's debut 1988 album, 'Long Live the Kane.'.<br/>Later, he would serve as an associate <br/>producer on The Notorious B.I.G.'s <br/>1994 debut album, 'Ready to Die.'.<br/>Mister Cee went on to have <br/>a long career as a popular DJ <br/>and radio personality with Hot 97. .<br/>Mister Cee went on to have <br/>a long career as a popular DJ <br/>and radio personality with Hot 97.")
_carrie-fisher39s-brother-reveals-what-he-thinks-killed-his-sister-124-oz-celebrity.webp "The official cause of Carrie Fisher’s death is cardiac arrest due to sleep apnea but Todd Fisher explains why he believes there was more at play in his sister’s untimely passing.")
_dog-owner-uses-drone-to-exercise-pooch-124-wild-ish-tv.webp "An impressed passerby was amazed by a dog owner's ingenious way of exercising their pooch by operating a drone the dog could chase. Gregory Durbin, from Santa Rosa, California, was out on a five-mile trail run when noticed the dog and drone in a meadow near where he was passing through. As he looked a little closer, Gregory noticed that the owner of the dog must have been using the drone to exercise the dog, given that it was floating slightly above its head. Gregory took out his phone and recorded a quick video – in which the dog, clearly entertained by the flying device, enthusiastically jumped up and down as it followed the drone around. While he was stopped, Gregory never saw the drone owner, but he assumed it must have been a resident from one of the bordering homes.")
_how-llcs-and-partnerships-can-help-keep-property39s-in-the-family.webp "Passing a farm, vacation home or other property down for generation after generation has its challenges. LLCs and partnerships can help.")
_take-a-look-around-waterfront-office-investment-in-northern-ireland-on-market-for-over-4-6million.webp "Beacon House in Belfast’s Clarendon Dock Business Park has been brought to market for sale, with offers in excess of £4.6 million being sought.<br/><br/>Located in Belfast Harbour Estate close to the city centre, Beacon House is a 51,028 sq ft waterfront office building comprising five storeys.<br/><br/>The building is currently let in its entirety to London-headquartered international outsourcing company Capita until 2028 at a passing rent of £675,000 per annum.<br/><br/>James Turkington, senior surveyor at selling agent CBRE NI, said: “As a flagship building situated on a unique headland site in Clarendon Dock, Beacon House represents an excellent investment opportunity with the building being periodically refurbished over the last decade.<br/><br/>“Having been completely redeveloped over the last 20 years, Clarendon Dock has a wide-range of tenants that includes Belfast Harbour Commissioners, UTV and WR Barnett.<br/><br/>“CBRE’s recent study revealed that 90% of companies are committed to re-establishing their physical presence by the end of 2024, and we look forward to continued interest and activity in the office market throughout the year.”")
⏲ 2:3 👁 2M
_jeopardy-is-about-to-make-some-key-changes.webp "With the passing of longtime Jeopardy! fixture Alex Trebek in 2020, producers have understandably had to make some changes to the quiz show in the years since. The changes include installing one-time contestant Ken Jennings as the permanent host for the program's 40th season and introducing recent game additions like the new-to-Season-40 Champions Wildcard.")
_xinhua-pigeon-whistles-of-xinjiang39s-ancient-city.jpg)
_us-historians-inform-supreme-court-that-they-reject-trumps-immunity-claim.jpg)
_legendary-nyc-dj-mister-cee-dead-at-57.jpg)
_carrie-fisher39s-brother-reveals-what-he-thinks-killed-his-sister-124-oz-celebrity.jpg)
_dog-owner-uses-drone-to-exercise-pooch-124-wild-ish-tv.jpg)
_how-llcs-and-partnerships-can-help-keep-property39s-in-the-family.jpg)
_take-a-look-around-waterfront-office-investment-in-northern-ireland-on-market-for-over-4-6million.jpg)
_jeopardy-is-about-to-make-some-key-changes.jpg)
![[+]](/images/menu.gif){kind=small}