_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 pollen street capital news 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: 6.6M times
✓ Published: 30-Apr-2024
👁 View: 6.6M times
✓ Published: 30-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
_committee39s-2024-contrarian-ideas-etfs-dbb-and-sppp.webp "CNBC Television")
_the-giant-sheep-helping-tajikistan-weather-climate-change-and-meat-shortages.webp "The giant sheep helping Tajikistan weather climate change and meat shortages<br/><br/>On a hillside around 30 kilometers from the Tajik capital Dushanbe, Bakhtior Sharipov watches over his flock of Hissar sheep. The breed, prized for profitability and an ability to adapt to climate change, garners celebrity status in the Central Asian country, which is beset by a shortage of both meat and suitable grazing land. <br/><br/><br/>Video by AFP<br/><br/><br/>Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe <br/> <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/>#tmtnews<br/>#sheep <br/>#meatshortage<br/>#tajikistan <br/>#climatechange")
_earnings-season-propping-up-the-market-124-bloomberg-markets-the-close-4-29-2024.webp "Bloomberg Television")
⏲ 1 hour 33 minutes 58 seconds 👁 4.6K
_blue-owl-capitals-marc-lipschultz-the-economy-is-a-lot-stronger-than-i-would-have-thought.webp "CNBC Television")
⏲ 4 minutes 3 seconds 👁 2K
_cramers-mad-dash-nvidia.webp "CNBC Television")
_judge-finds-trump-in-contempt-for-violating-his-gag-order.webp "CNN")
_several-military-horses-run-wild-in-london-injuring-four-people.webp "Pictures and videos of riderless horses in the centre of the British capital have been shared on social media.")
_jim-grant-there39s-as-much-a-chance-of-a-rate-hike-as-there-is-of-two-rate-cuts.webp "CNBC Television")
⏲ 6 minutes 55 seconds 👁 1.7K
_committee39s-2024-contrarian-ideas-etfs-dbb-and-sppp.jpg)
_the-giant-sheep-helping-tajikistan-weather-climate-change-and-meat-shortages.jpg)
_earnings-season-propping-up-the-market-124-bloomberg-markets-the-close-4-29-2024.jpg)
_blue-owl-capitals-marc-lipschultz-the-economy-is-a-lot-stronger-than-i-would-have-thought.jpg)
_cramers-mad-dash-nvidia.jpg)
_judge-finds-trump-in-contempt-for-violating-his-gag-order.jpg)
_several-military-horses-run-wild-in-london-injuring-four-people.jpg)
_jim-grant-there39s-as-much-a-chance-of-a-rate-hike-as-there-is-of-two-rate-cuts.jpg)
![[+]](/images/menu.gif){kind=small}