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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.

IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed

⏲ 1:29 👁 7.6M

HowToWith GEO

How to get IRS Tax Forms

⏲ 2 minutes 43 seconds 👁 7.5K

Tax Resolution Professionals

How To Get Old Tax Forms For the IRS

⏲ 37 seconds 👁 2.3K

Former Trump Organization CFO Allen Weisselberg was sentenced to 5 months in jail for lying during testimony for the civil fraud trial against Trump, his sons, and his business. Weisselberg admitted lying about the size of Trump's triplex apartment on financial forms. He also admitted conduct related to 3 additional perjury counts from a deposition. Weisselberg will serve time at Rikers, where he previously spent 3 months for tax fraud at the business.

Former Trump Organization CFO Allen Weisselberg Sentenced to 5 Months in Jail for Lying in Civil Fraud Trial

⏲ 0:32 👁 11.5M

A Penny Pinchers Guide to Personal Finance

How to File Taxes for Free 2024 | IRS Free File

⏲ 7 minutes 7 seconds 👁 32.2K

Teach Me! Personal Finance

IRS Form 8821 Walkthrough - ARCHIVED COPY - READ COMMENTS ONLY

⏲ 16 minutes 54 seconds 👁 1.9K

Teach Me! Personal Finance

IRS Form 8821 walkthrough (Tax Information Authorization)

⏲ 25 minutes 13 seconds 👁 62

Bechtel International Center/Stanford University

Taxes-Forms and Deadlines

⏲ 2 minutes 44 seconds 👁 2.6K

Teach Me! Personal Finance

IRS Form 3921 walkthrough

⏲ 6 minutes 12 seconds 👁 300

Money Makers

2023 IRS Form 1040 Walkthrough Step By Step | Single No Dependents | 2023 -2024 Form 1040 Explained

⏲ 18 minutes 4 seconds 👁 10.1K

Money Instructor

How to Fill Out Form 1040 for 2023 | Taxes 2024 | Money Instructor

⏲ 12 minutes 47 seconds 👁 25K

Number Crunch Nerds

New Rental Property | Tax Depreciation | Schedule E | Taxes 2023 2024

⏲ 19 minutes 49 seconds 👁 2.4K

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