_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 gasb capital asset accounting 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: 7.6M times
✓ Published: 03-May-2024
👁 View: 7.6M times
✓ Published: 03-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
_capital-assets-governmental-accounting.webp "Accounting Instruction, Help, u0026 How To")
_capital-asset-under-governmental-accounting-124-cpa-exam-far.webp "Farhat Lectures. The # 1 CPA u0026 Accounting Courses")
_vc-renata-quintini-reveals-her-firms-new-fund-and-why-she-doesnt-aspire-to-361-billion-in-aum.webp "In 2023, female-owned venture capital firms received just 3% of the total $107 billion raised across venture firms worldwide, up from 2% in 2022. It is within this environment that Renata Quintini, cofounder and managing director of Renegade Partners, is announcing the close of a fresh $128 million in dry powder. The close of Fund II brings her firm’s total assets under management to $228 million, a size Quintini believes is a “Goldilocks” fit for the work she and cofounder Roseanne Wincek want to do. <br/><br/>“If you’re managing a billion dollars, the math works against you,” she said during a sitdown interview at the Forbes studio. “At our fund size, we can write checks for $10 million, orin some cases have single digit percentage ownership that makes sense for our fund math… I’d much rather own a bite of a watermelon than the whole grape. Let’s optimize for opportunities to say yes to great founders.” Quintini also dished on what aspiring founders—of companies and venture firms alike—need to know about operating in 2024.<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.")
⏲ 29:37 👁 1.3M
_simplified-gasb-96-accounting-for-subscription-based-it-arrangements.webp "Accounting Journal Entries")
_capital-assets-governmental-accounting.jpg)
_capital-asset-under-governmental-accounting-124-cpa-exam-far.jpg)
_vc-renata-quintini-reveals-her-firms-new-fund-and-why-she-doesnt-aspire-to-361-billion-in-aum.jpg)
_simplified-gasb-96-accounting-for-subscription-based-it-arrangements.jpg)
![[+]](/images/menu.gif){kind=small}