_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 free car tax check 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: 140K times
✓ Published: 06-Apr-2024
👁 View: 140K 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
_damage-to-uk-roads-16-3-billion-needed-to-fix-crumbling-highway-infrastructure.webp "The ALARM report reveals a staggering sixteen point three billion pounds is needed to fix the country's roads. The Asphalt Industry Alliance, which carried out the research, says our nation's highways are heading towards 'breaking point'. Tax-paying motorists are keen for the issues to be fixed but cash-strapped councils are struggling to keep up.")
_what-are-the-income-tax-brackets-for-2023-vs-2024-124-kiplinger.webp "Did you know?")
_the-scent-of-discomfort-troubleshooting-audi-a439s-burning-oil-smell.webp "Detecting a burning oil smell in your Audi A4 signifies potential engine issues. From overheating and oil leaks to PCV valve malfunction and expired motor oil, various factors contribute. Promptly check engine temperature, inspect for leaks, assess PCV valve, and schedule timely oil changes to maintain optimal performance and prevent costly repairs.<br/>https://www.youtube.com/watch?v=GIq1eCu6rok")
_nsw-police-lock-down-sydney-streets-for-outlaw-motorcycle-gang-compliance-checks.webp "Police conducted two firearm compliance checks between 6pm and 8.30pm on April 4, 2024. Officers also spoke to over 100 residents,<br/>seized $30,000 in cash, searched seven people and five vehicles.")
_leeds-rail-passengers-urged-to-check-before-travelling-due-to-strikes.webp "Leeds rail passengers are being urged to check before travelling until 10th April due to strike action impacting different train operators at different times.")
_nps-how-to-check-nps-balance-check-nps-contribution-status-techcareer-2.webp "✅NPS में कितना जमा हुआ पैसा? how to check nps balance, check nps contribution status@TechCareer<br/>#nps_balance #nps_statement_kaise_nikale #know_your_nps_balance_online")
⏲ 6:4 👁 125K
_minnesota-sports-betting-tax-rates-revenue-amp-betting-caps.webp "Minnesota Sports Betting: Tax Rates, Revenue, & Betting Caps from free car tax check")
_how-to-save-on-green-improvements-under-inflation-reduction-act.webp "Tax credits for energy-efficient home improvements are extended and expanded by the Inflation Reduction Act.")
Related Video Searches
Back to Search
Search Videos
Recent Searches
×
(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!)
_damage-to-uk-roads-16-3-billion-needed-to-fix-crumbling-highway-infrastructure.jpg)
_what-are-the-income-tax-brackets-for-2023-vs-2024-124-kiplinger.jpg)
_the-scent-of-discomfort-troubleshooting-audi-a439s-burning-oil-smell.jpg)
_nsw-police-lock-down-sydney-streets-for-outlaw-motorcycle-gang-compliance-checks.jpg)
_leeds-rail-passengers-urged-to-check-before-travelling-due-to-strikes.jpg)
_nps-how-to-check-nps-balance-check-nps-contribution-status-techcareer-2.jpg)
_minnesota-sports-betting-tax-rates-revenue-amp-betting-caps.jpg)
_how-to-save-on-green-improvements-under-inflation-reduction-act.jpg)
❮❯
1 / 10
2 / 10
Play 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!)
3 / 10
4 / 10
5 / 10
6 / 10
7 / 10
8 / 10
9 / 10
10 / 10
![[+]](/images/menu.gif){kind=small}