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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 ✓ 23-Apr-2024

Zas

Zas - Hum Jaante | feat. Taimour Baig (Official Audio)

⏲ 3 minutes 53 seconds 👁 40.7K

Taimour Baig

MULAQAAT - TAIMOUR BAIG ft. URAAN | Prod. Raffey Anwar (Official Audio)

⏲ 5 minutes 27 seconds 👁 748.8K

Ballu Vlogs

Taimour Baig X Asad Naeem Random jamming || Lajawab 1 || Lajawab 2@Taimourbaigyt @asadnaeem

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Rebuttal Rap

TAIMOUR BAIG - SAD BROKEN VERSES

⏲ 31 minutes 23 seconds 👁 203.3K

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