_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 line 45000 income tax return 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: 10M times
✓ Published: 13-Apr-2024
👁 View: 10M times
✓ Published: 13-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
_how-to-file-taxes-for-free-2023-124-irs-free-file.webp "A Penny Pinchers Guide to Personal Finance")
_this-billionaire39s-bad-bets-left-hundreds-of-underserved-scholarship-students-in-limbo.webp "Throwing good money after bad and refusing to cut his losses with risky healthcare bets cost Jack Schuler most of his fortune—and left hundreds of underserved kids in the lurch.<br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/giacomotognini/2024/04/16/inside-the-collapse-of-a-former-billionaires-foundation-for-low-income-students/?sh=1cbc813f2f78<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.")
_do-i-pay-self-employment-taxes-on-partnership-income-line-14a-of-the-k-1.webp "Jason D. Knott")
⏲ 9 minutes 32 seconds 👁 1.6K
_what-is-a-t4-slip-in-canada.webp "AllThingsMonney")
_t1135-and-foreign-income-reporting.webp "TaxCycle")
_how-does-an-rrsp-contribution-reduce-your-income-tax.webp "Preet Banerjee")
_alvin-sta-ana-a-visionary-leader-in-the-accounting-industry.webp "Alvin Sta Ana: A visionary leader in the accounting industry<br/><br/>Alvin Sta Ana is not your average Certified Public Accountant (CPA). As the president of SIMPLY ACCOUNTING PH, Sta. Ana has established himself as a visionary leader in the accounting industry, with a strong focus on providing business solutions for MSMEs and entrepreneurs. His strong advocacy for tax compliance sets him apart in the industry. He is committed to helping people understand their tax obligations and navigate the complex world of taxation. Through SIMPLY ACCOUNTING PH and TAXMATE, Sta. Ana is making a positive impact on the business community and empowering individuals to take control of their finances.<br/><br/>Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe <br/><br/>Visit our website at https://www.manilatimes.net <br/><br/>Subscribe to Business Franchise Guru: https://www.youtube.com/@BusinessFranchiseGuru<br/> <br/>Follow us: <br/>Facebook - https://tmt.ph/facebook <br/>Instagram - https://tmt.ph/instagram <br/>Twitter - https://tmt.ph/twitter <br/>DailyMotion - https://tmt.ph/dailymotion <br/> <br/>Subscribe to our Digital Edition - https://tmt.ph/digital <br/> <br/>Check out our Podcasts: <br/>Spotify - https://tmt.ph/spotify <br/>Apple Podcasts - https://tmt.ph/applepodcasts <br/>Amazon Music - https://tmt.ph/amazonmusic <br/>Deezer: https://tmt.ph/deezer <br/>Stitcher: https://tmt.ph/stitcher<br/>Tune In: https://tmt.ph/tunein<br/> <br/>#TheManilaTimes <br/>#worldnews <br/>#philippines<br/>#entrepreneur")
_these-3-retirement-tax-credits-equal-up-to-3650000-per-year-in-retirement-income.webp "PlanEasy")
⏲ 7 minutes 59 seconds 👁 8.1K
_how-to-file-taxes-for-free-2023-124-irs-free-file.jpg)
_this-billionaire39s-bad-bets-left-hundreds-of-underserved-scholarship-students-in-limbo.jpg)
_do-i-pay-self-employment-taxes-on-partnership-income-line-14a-of-the-k-1.jpg)
_what-is-a-t4-slip-in-canada.jpg)
_t1135-and-foreign-income-reporting.jpg)
_how-does-an-rrsp-contribution-reduce-your-income-tax.jpg)
_alvin-sta-ana-a-visionary-leader-in-the-accounting-industry.jpg)
_these-3-retirement-tax-credits-equal-up-to-3650000-per-year-in-retirement-income.jpg)
![[+]](/images/menu.gif){kind=small}