_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 rule 35 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: 1.7M times
✓ Published: 14-May-2024
👁 View: 1.7M times
✓ Published: 14-May-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
_when-you-search-up-123-rule-34-125-true-story.webp "TheHeiseiGaming")
_taylor-swift-rules-at-no-1-ariana-grande-is-back-in-the-studio-drake-amp-kendrick-fight-it-out-on-hot-100-amp-more-124-b.webp "It’s Monday, May 13, and Taylor Swift is still ruling No. 1 on the Billboard 200. Not only that, she’s set to feature on Gracie Abrams’ new album and will be part of Bridgertons Season 3 soundtrack. Ariana Grande posted on her IG story that she’s back in the studio. Are we getting more new music soon? Fortnite revealed that they added Tyla as a new Challenge Emote with her song “Truth or Dare.” Katy Perry shares that her daughter calls her Katy Perry occasionally and we have Katy’s reaction. Drake and Kendrick Lamar have been battling with diss tracks, but how will this shake up this week’s Billboard Hot 100? Keep watching to find out more! We were at the Gold Gala with Steve Aoki and Saweetie and we give you an exclusive look into the afterparty we hosted. We sat down with Aitana and she shared how it went down with creating “Akureyri” with Sebastián Yatra and more!")
_fixing-bfdi-rule-34-part-9.webp "Dean Animations")
_nu-rules-men-women39s-volleyball-in-uaap-86.webp "NU rules men, women's volleyball in UAAP 86<br/><br/>It's a double celebration for National University as its men and women's volleyball teams emerged champions in UAAP 86 at the Mall of Asia Arena on Wednesday, May 15, 2024.. The Lady Bulldogs finished off the UST Golden Tigresses in four sets, 25-23, 23-25, 27-25, 25-16, in Game 2 of the Finals while the men completed a four-peat against their foes from the same school also in four sets, 25-21, 22-25, 25-17, 25-15 in Game 2, to become the second team in the Final Four era to win four straight crowns. <br/><br/>Videos by Niel Victor Masoy and Nicole Anne D.G. Bugauisan<br/><br/>Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe<br/> <br/>Visit our website at https://www.manilatimes.net<br/> <br/> <br/>Follow us: <br/>Facebook - https://tmt.ph/facebook<br/> <br/>Instagram - https://tmt.ph/instagram<br/> <br/>Twitter - https://tmt.ph/twitter<br/> <br/>DailyMotion - https://tmt.ph/dailymotion<br/> <br/> <br/>Subscribe to our Digital Edition - https://tmt.ph/digital<br/> <br/> <br/>Check out our Podcasts: <br/>Spotify - https://tmt.ph/spotify<br/> <br/>Apple Podcasts - https://tmt.ph/applepodcasts<br/> <br/>Amazon Music - https://tmt.ph/amazonmusic<br/> <br/>Deezer: https://tmt.ph/deezer<br/><br/>Tune In: https://tmt.ph/tunein<br/><br/>#themanilatimes <br/>#philippines<br/>#volleyball <br/>#sports")
_why-airplanes-fly-at-35000-feet.webp "Ever wondered why airplanes soar at 35,000 feet? It's not just a random number. Former pilot Dan Bubb sheds light on this. Buzz60’s Maria Mercedes Galuppo has the story.")
_tom-schwartz-reveals-his-biggest-regret-in-vanderpump-rules-history-124-cheap-shots-124-cosmopolitan.webp "Tom Schwartz just wants everyone to get along and take shots with him, including us (sorry Schwartzie, we’re on the job)! From reminiscing about the beautiful sh*tshow that was the first season of ‘VPR’ to his biggest regrets throughout the show’s history (hint: it's not how he treated Katie ), Tom Schwartz holds nothing back. Tune in to learn how he feels about not standing his ground during “you-know-what-oval” and whether he'll clear the air on *that* kiss with Raquel and his relationship with Jo Wenberg.<br/><br/>Catch 'Vanderpump Rules' on Bravo and streaming on Peacock.<br/><br/>#TomSchwartz #VanderpumpRules #Bravo #CheapShots #Cosmopolitan")
⏲ 14:13 👁 1.4M
_major-u-s-airlines-sue-dot-over-new-transparency-rules.webp "TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why major U.S. Airlines are suing the DOT.")
_cubs-pirates-mlb-game-preview-for-may-12-2024-1335.webp "A look ahead to the MLB game between CUBS and PIRATES. Your source for scores, previews, recaps, box scores, and more from every Major League Baseball. The schedule is set, and we're ready for some baseball.")
_when-you-search-up-123-rule-34-125-true-story.jpg)
_taylor-swift-rules-at-no-1-ariana-grande-is-back-in-the-studio-drake-amp-kendrick-fight-it-out-on-hot-100-amp-more-124-b.jpg)
_fixing-bfdi-rule-34-part-9.jpg)
_nu-rules-men-women39s-volleyball-in-uaap-86.jpg)
_why-airplanes-fly-at-35000-feet.jpg)
_tom-schwartz-reveals-his-biggest-regret-in-vanderpump-rules-history-124-cheap-shots-124-cosmopolitan.jpg)
_major-u-s-airlines-sue-dot-over-new-transparency-rules.jpg)
_cubs-pirates-mlb-game-preview-for-may-12-2024-1335.jpg)
![[+]](/images/menu.gif){kind=small}