_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 money heist season 2 release date 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: 18-May-2024
👁 View: 4.6M times
✓ Published: 18-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
_holidays-how-to-save-money-when-booking-and-while-abroad.webp "Have you booked a holiday this year - and just how much are you planning to spend?")
_5-thrifty-tips-to-help-transform-your-garage.webp "5 Thrifty Tips <br/>to Help Transform <br/>Your Garage.<br/>Sourcing your garage must-haves from <br/>thrift shops, estate sales, yard sales, recycling <br/>facilities and other secondhand stores offers <br/>a great way to save money.<br/>Be on the lookout for these 5 items: .<br/>1. Vintage Gardening and Landscaping Tools, can double as rustic decor.<br/>2. Secondhand Wheelbarrows, offer the same functionality as a new one for a fraction of the cost. .<br/>3. Standard Tools, like hammers, screwdrivers and wrenches <br/>can be great garage sale finds.<br/>4. Storage Bins and Crates, of all shapes and sizes can give you an organizational edge. .<br/>5. Shelving and Hooks, can also make a huge difference in <br/>transforming your cluttered garage into <br/>an extension of your living space. .<br/>Your new garage , art studio, home gym, <br/>workshop, office,awaits.")
_how-to-balance-saving-vs-paying-off-debt.webp "Brian Portnoy, found of Shaping Wealth, joins TheStreet to discuss how to handle saving for the future vs. paying off debt now.")
_amazon-warehouse-bargains.webp "Amazon Warehouse products have a wide range of imperfections, but that leads to some often wildly discounted prices.")
_heir-to-the-throne-124episode-10.webp "Heir to the Throne |Episode 10")
_conservationists-release-endangered-baby-sea-turtles-back-into-the-ocean-with-satellite-trackers-heres-why.webp "Sea turtles are in trouble, with the National Oceanic and Atmospheric Administration reporting that there are likely only around 25,000 of them left in the wild. Now, conservationists in Thailand are trying to combat their dwindling numbers."){kind=tracking}
⏲ 1:20 👁 730K
_nancy-pelosi-on-upcoming-presidential-debate-92.webp "Ahead of the November election, former House Speaker Nancy Pelosi (D-Calif.) has expressed her disapproval of President Joe Biden debating with former President Donald Trump.")
_trump-tells-jersey-shore-crowd-he39s-being-forced-to-endure-39biden-show-trial39-in-hush-money-case.webp "Trump tells Jersey Shore crowd he's being forced to endure 'Biden show trial' in hush money case<br/><br/>Sandwiched between his appearances in court, Donald Trump headed on Saturday to the Jersey Shore, where he repeatedly blamed President Joe Biden for the criminal charges he’s facing as the presumptive nominees prepare to face off in the November election and called his New York hush money case “a Biden show trial.”<br/><br/>Blasting the Democratic president “a total moron,” Trump before a crowd of tens of thousands repeatedly characterized the cases against him as politically motivated and timed to harm his ability to campaign.<br/><br/><br/>Photos by AP<br/><br/>Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe <br/>Visit our website at https://www.manilatimes.net <br/> <br/>Follow us: <br/>Facebook - https://tmt.ph/facebook <br/>Instagram - https://tmt.ph/instagram <br/>Twitter - https://tmt.ph/twitter <br/>DailyMotion - https://tmt.ph/dailymotion <br/> <br/>Subscribe to our Digital Edition - https://tmt.ph/digital <br/> <br/>Check out our Podcasts: <br/>Spotify - https://tmt.ph/spotify <br/>Apple Podcasts - https://tmt.ph/applepodcasts <br/>Amazon Music - https://tmt.ph/amazonmusic <br/>Deezer: https://tmt.ph/deezer <br/>Tune In: https://tmt.ph/tunein<br/> <br/>#themanilatimes<br/>#worldnews <br/>#trump<br/>#jersey")
⏲ 0:39 👁 5M
_holidays-how-to-save-money-when-booking-and-while-abroad.jpg)
_5-thrifty-tips-to-help-transform-your-garage.jpg)
_how-to-balance-saving-vs-paying-off-debt.jpg)
_amazon-warehouse-bargains.jpg)
_heir-to-the-throne-124episode-10.jpg)
_conservationists-release-endangered-baby-sea-turtles-back-into-the-ocean-with-satellite-trackers-heres-why.jpg){kind=tracking}
_nancy-pelosi-on-upcoming-presidential-debate-92.jpg)
_trump-tells-jersey-shore-crowd-he39s-being-forced-to-endure-39biden-show-trial39-in-hush-money-case.jpg)
![[+]](/images/menu.gif){kind=small}