_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 is 2019 tax software ready 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: 12.7M times
✓ Published: 07-May-2024
👁 View: 12.7M times
✓ Published: 07-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
_hampr-block-review-2019-2020-124-the-best-online-tax-software-option-this-year.webp "The College Investor")
⏲ 14 minutes 47 seconds 👁 10.9K
_last-looks-doja-cat.webp "Director: Starr Nathan<br/>Director of Photography: Dane Brown<br/>Editor: Edward Schorer<br/>Senior Producer: Naomi Nishi<br/>Producer, On Set: Jeff Wallace<br/>Associate Producer: Lea Donenberg<br/>Assistant Camera: Mar Alfonso<br/>Audio: Brianna Simons<br/>Polaroids by Jacob Webster<br/>Assistant Editors: Ben Harowitz, Justin Symonds<br/>Post Production Coordinator: Ian Bryant<br/>Arts & Graphics Lead: Léa Kichler<br/>Supervising Editor: Erica DeLeo<br/>Post Production Supervisor: Alexa Deutsch<br/>Production Coordinators: Ava Kashar, Bailey Lica<br/>Production Manager: Natasha Soto-Albors<br/>Line Producer: Romeeka Powell<br/>Senior Director, Production Management: Jessica Schier<br/>Entertainment Director: Sergio Kletnoy<br/>Supervising Producer: Felicia Kelley<br/>Director of Content, Production: Rahel Gebreyes<br/>Senior Director, Programming: Linda Gittleson<br/>VP, Digital Video English: Thespena Guatieri<br/><br/>COSMO POST HOUSE<br/>Assistant Editor: Meaghan Rahamut<br/>Managing Partner: Yvette Cobarrubias<br/>Executive Producer: Idalia Deshon<br/>Executive Producer: Marie Mangahas<br/>Head of Production: Kacie Gomez<br/>Head of Production: Tina Evanow Wolske<br/>Producer: Edwina Lantigua<br/>Producer: Jesse Lehrhoff<br/><br/>Filmed on Location: The Mark Hotel, New York")
_how-to-fill-out-irs-form-1040-for-2019-free-software-see-link-below.webp "pdftax")
⏲ 6 minutes 57 seconds 👁 59.5K
_turbotax-review-2018-2019-the-easiest-to-use-online-tax-software-option.webp "The College Investor")
⏲ 9 minutes 18 seconds 👁 32.7K
_the-best-tax-software-used-by-professionals.webp "Toby Mathis Esq | Tax Planning u0026 Asset Protection")
_5-best-software-for-tax-preparers-in-2023.webp "Women in Small Business")
_get-ready-for-action-cbs-unveils-first-look-at-ncis-origins.webp "Get a sneak peek at CBS' newest cop drama, NCIS: Origins! Meet the stellar cast including Austin Stowell and Kyle Schmid. Mark your calendars for the exciting premiere, coming Fall 2024 on Paramount+!<br/><br/>NCIS: Origins Cast:<br/><br/>Austin Stowell, Kyle Schmid, Diany Rodriguez, Mariel Molino and Tyla Abercrumble<br/><br/>Narrated By:<br/><br/>Mark Harmon<br/><br/>Stream NCISP: Origins Fall 2024 on Paramount+!")
_what39s-the-best-online-tax-software-in-2023-124-which-free-tax-service-is-best.webp "Your Friend Andy")
⏲ 10 minutes 38 seconds 👁 14.3K
Related Video Searches
Back to Search
Search Videos
Recent Searches
×
(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!)
_hampr-block-review-2019-2020-124-the-best-online-tax-software-option-this-year.jpg)
_last-looks-doja-cat.jpg)
_how-to-fill-out-irs-form-1040-for-2019-free-software-see-link-below.jpg)
_turbotax-review-2018-2019-the-easiest-to-use-online-tax-software-option.jpg)
_the-best-tax-software-used-by-professionals.jpg)
_5-best-software-for-tax-preparers-in-2023.jpg)
_get-ready-for-action-cbs-unveils-first-look-at-ncis-origins.jpg)
_what39s-the-best-online-tax-software-in-2023-124-which-free-tax-service-is-best.jpg)
❮❯
1 / 10
2 / 10
Play 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!)
3 / 10
4 / 10
5 / 10
6 / 10
7 / 10
8 / 10
9 / 10
10 / 10
![[+]](/images/menu.gif){kind=small}