_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 carshield plan prices 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: 3.7M times
✓ Published: 12-May-2024
👁 View: 3.7M times
✓ Published: 12-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
_undiscovered-affordable-vacation-destinations.webp "Hordes of tourists swarming the world’s most popular destinations can make travel unpleasant.")
_live-patriots-beat-rookie-minicamp-preview-and-qampa.webp "Don't miss the latest episode of Patriots Beat, where Alex Barth from 98.5 The Sports Hub and Brian Hines of Pat’s Pulpit preview Patriots Rookie Minicamp and hold a LIVE Q&A!<br/><br/>Get in on the excitement with PrizePicks, America’s No. 1 Fantasy Sports App, where you can turn your hoops knowledge into serious cash. Download the app today and use code CLNS for a first deposit match up to $100! Pick more. Pick less. It’s that Easy! Football season may be over, but the action on the floor is heating up. Whether it’s Tournament Season or the fight for playoff homecourt, there’s no shortage of high stakes basketball moments this time of year. Quick withdrawals, easy gameplay and an enormous selection of players and stat types are what make PrizePicks the #1 daily fantasy sports app! Go to https://PrizePicks.com/CLNS<br/><br/>Take the guesswork out of buying NBA tickets with Gametime. Download the Gametime app, create an account, and use code CLNS for $20 off your first purchase. Download Gametime today. Last minute tickets. Lowest Price. Guaranteed. Terms apply.<br/><br/>#Patriots #NFL #NewEnglandPatriots")
_trump39s-plans-for-barron39s-graduation-confirms-what-we-suspected.webp "Will Barron get a glimpse of his dad on graduation day? Not surprisingly, there's a lot more than Barron's big event on Donald Trump's schedule.")
_it-feels-too-early-for-network-tv-to-start-canceling-shows-but-nbc-just-got-the-ball-rolling.webp "The TV season looks a bit different this year, given that the since-resolved SAG-AFTRA and WGA strikes had an impact on programming this year. With most shows returning in February this year, we’re truly still in the thick of 2024 network programming. Delays or not though, it’s a bit early to be thinking about cancellations at this point. However, such decisions have already been made over at NBC, it seems. The company got the ball rolling by dropping the ax on two series that fell under the umbrella of unscripted content. <br/><br/>NBC has officially canceled both \")
⏲ 1:15 👁 9.5M
_best-amp-worst-moves-of-patriots-offseason-w92-cerrone-battle-124-pats-interference.webp "98.5 The Sports Hub's Cerrone Battle makes his show debut to run down the four best and three worst moves on the Patriots' offseason. Cerrone and Andrew also cover the team's ongoing \")
_best-out-of-waste-projects-step-by-step-tutorials-to-recycle-the-old-chairs.webp "We advise adult supervision and care at all times. <br/><br/>This video is made for entertainment purposes. We do not make any warranties about the completeness, safety and reliability. Any action you take upon the information on this video is strictly at your own risk, and we will not be liable for any damages or losses. It is the viewer's responsibility to use judgment, care and precautions if one plans to replicate. <br/><br/>The following video might feature activity performed by our actors within controlled environment- please use judgment, care, and precaution if you plan to replicate. <br/><br/>All product and company names shown in the video are trademarks™️ or registered®️ trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them. <br/><br/>------------------------------------------------------------------------------------ <br/><br/>5-Minute Crafts: https://www.youtube.com/@5MinuteCraftsYouTube/<br/>Facebook: https://www.facebook.com/5min.crafts/ <br/>Instagram: https://www.instagram.com/5.min.crafts/ <br/>Twitter: https://twitter.com/5m_crafts <br/><br/>5-Minute Crafts DIY: https://www.youtube.com/@5MinuteCraftsDIY<br/>5-Minute Crafts PLAY: https://www.youtube.com/@5MinuteCraftsPLAY<br/>The Bright Side of Youtube: https://www.youtube.com/@BRIGHTSIDEOFFICIAL<br/>For more videos and articles visit: http://www.brightside.me/ <br/>Music by Epidemic Sound: https://www.epidemicsound.com/")
_kate-hudson-hopes-to-marry-danny-fujikawa-39soon39.webp "Movie star Kate Hudson has revealed when she plans to marry Danny Fujikawa.")
_the-bulls-head-take-a-look-around-this-sheffield-pub-that39s-under-new-management.webp "The Bulls Head on Fulwood Road, Ranmoor, is under new management with big plans for the future.")
_undiscovered-affordable-vacation-destinations.jpg)
_live-patriots-beat-rookie-minicamp-preview-and-qampa.jpg)
_trump39s-plans-for-barron39s-graduation-confirms-what-we-suspected.jpg)
_it-feels-too-early-for-network-tv-to-start-canceling-shows-but-nbc-just-got-the-ball-rolling.jpg)
_best-amp-worst-moves-of-patriots-offseason-w92-cerrone-battle-124-pats-interference.jpg)
_best-out-of-waste-projects-step-by-step-tutorials-to-recycle-the-old-chairs.jpg)
_kate-hudson-hopes-to-marry-danny-fujikawa-39soon39.jpg)
_the-bulls-head-take-a-look-around-this-sheffield-pub-that39s-under-new-management.jpg)
![[+]](/images/menu.gif){kind=small}