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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.

IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed

⏲ 1:29 👁 12.7M

Washington Post

Stimulus payments and 2020 taxes: What you need to know

⏲ 4 minutes 3 seconds 👁 10.8K

VERIFY

Is my stimulus check TAXABLE?

⏲ 1 minute 38 seconds 👁 89

John Swinney acceptance speech<br/><br/>What are the key challenges facing John Swinney as First Minister and SNP leader?<br/>Mr Swinney was confirmed as the new leader of the SNP on Monday<br/><br/>John Swinney will not have his troubles to seek. The new SNP leader, who will become Scotland’s seventh first minister this week, inherits a number of problems both in his party and in the country at large. He will be all too aware of the difficulties ahead.<br/><br/>His predecessor, Humza Yousaf, never really managed to get on the front foot. Within days of him taking office last year, the police investigation into the SNP’s funding and finances exploded into the headlines. It has haunted the party ever since.<br/><br/>Mr Swinney will seek to heal internal divisions and boost his party’s fortunes in the polls ahead of an expected general election later this year. He has also emphasised the importance of economic growth. So what are the key challenges he faces?<br/><br/>A clear vision<br/>Mr Swinney will want to set out a clear strategic direction for his party. This is something his predecessor arguably struggled to do. Mr Yousaf hiked income tax for higher earners at the same time as freezing council tax, which some saw as sending a muddled message.<br/><br/>“Is this a guy who has demonstrated clear strategic direction?\

John Swinney acceptance speech

⏲ 11:21 👁 17.7M

eTax.com

Is Stimulus Taxable?

⏲ 46 seconds 👁 31

CNBC Television

How stimulus checks are taxed

⏲ 2 minutes 59 seconds 👁 13.7K

Use our guide to decide which assets belong in a taxable account and which go into a tax-advantaged account.

What Is A Taxable Or Tax-Deferred Account?

⏲ 1:59 👁 9.5M

Don't Wait for June! Social Security Double-Up in May

⏲ 9 minutes 23 seconds 👁 192

How To Guys

4TH STIMULUS CHECK UPDAT3: When You'll Get PAID in 2024? (SECRET!)

⏲ 11 minutes 23 seconds 👁 113

Britain's oldest dancer has no plans of slowing down - after turning 103 today. (Tues)<br/><br/>Fun-loving Dinkie Flowers defies her age by still dancing almost every day.<br/><br/>She was born in 1921 and has been dancing since the age of three - going on to be an international ice skater and stage star.<br/><br/>Dinkie even made her first TV debut on the BBC's 'The Greatest Dancer' in 2020 aged 98.<br/><br/>Dinkie has travelled the world to showcase her skills, including a show in Baghdad to dance in front of the Royal Family and performed for Prince Phillip at an Ice Gala in Paris in 1952.<br/><br/>The inspiring dancer turns 103 today (7 May).<br/><br/>Dinkie says: \

Britain's oldest dancer who is 'always up for fun' turns 103 today

⏲ 0:47 👁 1.1M

IRS Sending Deposits Tomorrow! $2,000 Stimulus Checks Finally Passed For Social Security SSI SSDI VA

⏲ 11 minutes 7 seconds 👁 1.1K

How To Guys

Free Money Alert! $300 SSI Bonus Every Month! (Proof)

⏲ 8 minutes 23 seconds 👁 241

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