_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 lifetime movies 2010 list 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: 4.6M times
✓ Published: 12-May-2024
👁 View: 4.6M 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
_09-heroes-2024-ep09-full-hd.webp "天行健09 - Heroes (2024) EP09 Full HD from lifetime movies 2010 list")
_10-more-actors-who-gave-their-best-performances-in-movies-nobody-saw.webp "Audiences slept on all these career-best performances.")
_the-commandants-shadow-124-official-trailer-2024.webp "Two lives. Two stories. One wall that divided them. Witness the historic moment over 70 years after the Holocaust when the son of the Commandant of Auschwitz meets an incredible survivor. Check out the trailer for The Commandant’s Shadow, a documentary coming to theaters on May 29 and May 30.<br/><br/>From Warner Bros. Pictures and HBO Documentary Films comes filmmaker Daniela Völker’s timely and poignant documentary “The Commandant’s Shadow,” which follows Hans Jürgen Höss, the 87-year-old son of Rudolf Höss, as he faces his father’s terrible legacy for the first time. His father was the Camp Commandant of Auschwitz and masterminded the murder of over a million Jews; the life of Höss and his family was recently fictionalized in the Academy Award-winning “The Zone of Interest.” Now, “The Commandant’s Shadow” tells the story of the real people who lived on site at Höss’s death camp.<br/><br/>While Hans Jurgen Höss enjoyed a happy childhood in the family villa at Auschwitz, Jewish prisoner Anita Lasker-Wallfisch was trying to survive the notorious concentration camp. At the heart of this film is the historic and inspiring moment – eight decades later – when the two come face-to-face. This is the first time the descendant of a major war criminal meets a survivor in such a private and intimate setting, Anita’s London living room. Together with their children, Kai Höss and Maya Lasker-Wallfisch, the four protagonists explore their very different hereditary burdens.<br/><br/>The film features original excerpts of Rudolf Höss’ long-forgotten autobiography, written shortly before his execution. His words are the ultimate proof of what really happened at Auschwitz, documented by the perpetrator himself, countering denial and ignorance of the Holocaust.<br/><br/>This once-in-a-lifetime feature-length documentary explores the relationships of a mother and her daughter, a father and his son, and the long shadows cast by the crimes that impact generations. It raises questions about love, guilt, and forgiveness, but is ultimately a much needed story of hope, acceptance, and compassion.<br/><br/>In the wake of the atrocities of October 7th – and at a time when antisemitism has reached a level not seen since the Holocaust – “The Commandant’s Shadow” is a stark reminder that there can be no reconciliation without a true and honest reckoning of the past. Only then can we hope to avoid repeating history and build a better future.")
_emily-blunt-has-wanted-to-throw-up-while-making-movies-with-on-screen-lovers-who-turned-her-off.webp "Opening up about her lack of chemistry with past co-stars, ‘The Fall Guy’ actress Emily Blunt has admitted she has “absolutely” wanted to throw up while making movies with on-screen lovers who turned her off.")
⏲ 1:55 👁 37.8M
_mavisbank.webp "Derelict Mavisbank House saved with £5.3m windfall as campaigners hail 'once in a lifetime moment'")
_09-heroes-2024-ep09-full-hd.jpg)
_10-more-actors-who-gave-their-best-performances-in-movies-nobody-saw.jpg)
_the-commandants-shadow-124-official-trailer-2024.jpg)
_emily-blunt-has-wanted-to-throw-up-while-making-movies-with-on-screen-lovers-who-turned-her-off.jpg)
_mavisbank.jpg)
![[+]](/images/menu.gif){kind=small}