_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 prep 2 english class knowledge home unit 4 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: 10M times
✓ Published: 13-Apr-2024
👁 View: 10M times
✓ Published: 13-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
_total-solar-eclipse-2024-explained.webp "The United States, Mexico and Canada experienced a total solar eclipse on April 8, 2024. Space.com's Brett Tingley explains the procress.<br/><br/>WARNING: People should always use protective solar eclipse eyewear when viewing a solar eclipse.<br/><br/>Credit: Space.com | NASA Goddard Space Flight Center, Great American Eclipse| produced and edited by Steve Spaleta& Brett Tingley<br/>Music: Odd Whirlwind (Instrumental Version) by Roof / courtesy of Epidemic Sound")
_its-a-snake-eat-snake-world-out-there.webp "Hungry snake caught swallowing another, even bigger snake headfirst. <br/><br/>Many species of snakes are capable of swallowing prey much larger than themselves, such as deer, cows and even humans. However, this behavior does not typically include bigger snakes because when snakes do eat each other, which is common, it is normally the bigger snakes who eat the smaller ones.")
_the-all-new-mercedes-benz-g-class-design-preview.webp "The all-new Mercedes-Benz G-Class continues the success story of the model series that was established in 1979. The off-road icon continues to rely on tried-and-tested ladder-frame construction, three mechanical differential locks and LOW RANGE off-road reduction as well as a rigid rear axle and independent front suspension.<br/>The redesigned off-road control unit, the new OFFROAD COCKPIT and the “transparent bonnet” enable a digital off-road experience.<br/>Thanks to electrification, the new models offer improved responsiveness off-road and greater comfort on paved roads. The mild hybrids with an integrated starter-generator and a 48-volt on-board electrical system also impress with increased performance and reduced fuel consumption.<br/>With the Mercedes-Benz User Experience infotainment system and 12.3-inch driver and media displays with touch control, the new G-Class is more connected than ever.<br/>A host of advanced safety and assistance systems support drivers.<br/>The MANUFAKTUR range for extensive customisation of both exterior and interior has been expanded once again. Subtly modified exterior with new radiator grille featuring four instead of the previous three horizontal louvres and redesigned bumpers both front and rear.<br/>New A-pillar cladding, a spoiler lip on the roof edge and new insulation materials contribute to improved aerodynamics and increased acoustic comfort. At its market launch the all-new G-Class will be available at a price starting from 122808 euros.")
_ai-sandbox-programme-expected-to-create-900-startups-and-13000-new-talents-by-2026.webp "The newly launched Artificial Intelligence (AI) Sandbox Pilot Programme is expected to create up to 900 AI startups and 13,000 new talents by 2026, according to Science, Technology, and Innovation Minister Chang Lih Kang.<br/><br/>The strategic collaboration between the ministry, the Higher Education Ministry, and NVIDIA aims to drive Malaysia's transition into a knowledge-based economy, fueled by AI innovation.<br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline")
_rogue-black-hole-5000-light-years-away-hubble-finds-evidence.webp "The Hubble Space Telescope has found evidence of a \")
_watch-this-amazing-3d-visualization-fly-through-view-of-5000-galaxies-from-the-james-webb-space-telescope.webp "Travel back 390 million years after the big bang to the ancient Maisie's Galaxy in this stunning 3D visualization that showcases 5000 galaxies captured by the James Webb Space Telescope. It was created from CEERS (Cosmic Evolution Early Release Science) Survey data.<br/><br/>Credits:<br/>Visualization:Frank Summers (STScI), Greg Bacon (STScI), Joseph DePasquale (STScI), Leah Hustak (STScI), Joseph Olmsted (STScI), Alyssa Pagan (STScI)<br/>Science: Steve Finkelstein (UT Austin), Rebecca Larson (RIT), Micaela Bagley (UT Austin)<br/>Music: Far Far Far by Bonnie Grace / courtesy of Epidemic Sound")
⏲ 1:17 👁 455K
_how-the-39dark-universe39-telescope-euclid-scans-the-sky.webp "Euclid uses a method called 'step-and-stare to scan the night sky, which allows it to combine a bunch of separate measurements to form a larger image. Ultimately, scientists believe this will yield the largest cosmological survey ever conducted in visible and near-infrared light.<br/><br/>Credit: ESA. Acknowledgement: Work performed by ATG under contract for ESA.")
_books-help-readers-not-only-gain-knowledge-but-also-serve-as-mental-diversion-to-lifes-challenges.webp "Books help readers not only gain knowledge but also serve as mental diversion to life’s challenges<br/>")
⏲ 9:4 👁 2.9M
_total-solar-eclipse-2024-explained.jpg)
_its-a-snake-eat-snake-world-out-there.jpg)
_the-all-new-mercedes-benz-g-class-design-preview.jpg)
_ai-sandbox-programme-expected-to-create-900-startups-and-13000-new-talents-by-2026.jpg)
_rogue-black-hole-5000-light-years-away-hubble-finds-evidence.jpg)
_watch-this-amazing-3d-visualization-fly-through-view-of-5000-galaxies-from-the-james-webb-space-telescope.jpg)
_how-the-39dark-universe39-telescope-euclid-scans-the-sky.jpg)
_books-help-readers-not-only-gain-knowledge-but-also-serve-as-mental-diversion-to-lifes-challenges.jpg)
![[+]](/images/menu.gif){kind=small}