Pete Najarian on CoveredCalls with Kevin Simpson from najarian capital llc Watch Video

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Edinburgh’s popular Beltane Fire Festival returned to Calton Hill last night - a celebratory event that attracts thousands each year.<br/><br/>The ancient event, that goes back 3,000 years, celebrates new life and purity and marks the end of the darker seasons and the arrival of summer on May Day. The tradition was revived for modern times in Edinburgh in 1988 and is now one the largest celebrations of its kind in the world.<br/><br/>Around 8,500 people attended the event where they followed the procession around the historic site, captivated by fire spinners, dancing, acrobatics and pulsating drumming as they made their way around the capital landmark. <br/>
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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.
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