_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 rule 35 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: 1.7M times
✓ Published: 14-May-2024
👁 View: 1.7M times
✓ Published: 14-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
_tom-schwartz-reveals-his-biggest-regret-in-vanderpump-rules-history-124-cheap-shots-124-cosmopolitan.webp "Tom Schwartz just wants everyone to get along and take shots with him, including us (sorry Schwartzie, we’re on the job)! From reminiscing about the beautiful sh*tshow that was the first season of ‘VPR’ to his biggest regrets throughout the show’s history (hint: it's not how he treated Katie ), Tom Schwartz holds nothing back. Tune in to learn how he feels about not standing his ground during “you-know-what-oval” and whether he'll clear the air on *that* kiss with Raquel and his relationship with Jo Wenberg.<br/><br/>Catch 'Vanderpump Rules' on Bravo and streaming on Peacock.<br/><br/>#TomSchwartz #VanderpumpRules #Bravo #CheapShots #Cosmopolitan")
⏲ 14:13 👁 1.4M
_major-u-s-airlines-sue-dot-over-new-transparency-rules.webp "TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why major U.S. Airlines are suing the DOT.")
_cubs-pirates-mlb-game-preview-for-may-12-2024-1335.webp "A look ahead to the MLB game between CUBS and PIRATES. Your source for scores, previews, recaps, box scores, and more from every Major League Baseball. The schedule is set, and we're ready for some baseball.")
_hajj-2024-hajj-without-permit-card-new-rule-break-10-year-jail-punishment-124-boldsky.webp "Hajj 2024 New Rule: सऊदी अरब सरकार के अधिकारियों ने कहा है कि हज यात्रियों को बेहतर सुविधा देने के लिए सभी तरह के जरूरी कदम उठाए गए हैं। इसके साथ-साथ कई नए प्रयोग भी किए गए हैं, जिससे चीजें बेहतर हो लेकिन किसी को भी नियमों के उल्लंघन की इजाजत नहीं दी जाएगी।<br/> <br/>Hajj 2024 New Rule: Saudi Arabian government officials have said that all necessary steps have been taken to provide better facilities to Haj pilgrims. Along with this, many new experiments have also been done, which will make things better but no one will be allowed to violate the rules. <br/> <br/> <br/>#Hajj2024#HajjPermit <br/>~HT.97~PR.115~ED.120~")
⏲ 3:15 👁 1.2M
_why-man-city39s-115-charges-could-see-them-kicked-out-of-the-premier-league.webp "Manchester City have been accused of 115 breaches of the Premier League's rules. In light of Everton's points deduction though, the spotlight has again fallen over Pep Guardiola's club as their investigation rumbles on without a conclusion in sight. But why is that, when can fans expect a resolution, and just how much trouble might City actually be in?")
_blue-jays-orioles-mlb-game-preview-for-may-15-2024-1235.webp "A look ahead to the MLB game between BLUE JAYS and ORIOLES. Your source for scores, previews, recaps, box scores, and more from every Major League Baseball. The schedule is set, and we're ready for some baseball.")
_jade-dynasty-season-2-episode-9-35-english-sub-124124-sub-indo.webp "Jade Dynasty season 2 Episode 9 English Sub ,<br/>Jade Dynasty season 2 Episode 9 sub indo,<br/>Jade Dynasty Episode 35 English Sub,<br/>Jade Dynasty Episode 35 sub indo")
_20th-anniversary-of-eu-expansion-that-opened-new-business-horizons.webp "The largest-ever expansion of the EU in 2004 saw 10 mainly eastern and central European countries fulfill long-held ambitions of joining the bloc. Many were emerging from decades of communist rule and had hopes that home-grown businesses would flourish in an environment of free enterprise.")
_tom-schwartz-reveals-his-biggest-regret-in-vanderpump-rules-history-124-cheap-shots-124-cosmopolitan.jpg)
_major-u-s-airlines-sue-dot-over-new-transparency-rules.jpg)
_cubs-pirates-mlb-game-preview-for-may-12-2024-1335.jpg)
_hajj-2024-hajj-without-permit-card-new-rule-break-10-year-jail-punishment-124-boldsky.jpg)
_why-man-city39s-115-charges-could-see-them-kicked-out-of-the-premier-league.jpg)
_blue-jays-orioles-mlb-game-preview-for-may-15-2024-1235.jpg)
_jade-dynasty-season-2-episode-9-35-english-sub-124124-sub-indo.jpg)
_20th-anniversary-of-eu-expansion-that-opened-new-business-horizons.jpg)
![[+]](/images/menu.gif){kind=small}