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There’s an easy and effective way savers can minimize the damage of a retirement tax bomb. It all starts with making one simple shift in your retirement savings contributions.
⏲ 3:0 👁 43.3M
KRA CA
⏲ 9 minutes 56 seconds 👁 14.2K
YMW FINANCIAL SERVICES
⏲ 10 minutes 13 seconds 👁 1.5K
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.
⏲ 1:29 👁 34.5M
KRA CA
⏲ 5 minutes 15 seconds 👁 2.2K
Yadav Balaji @ Tax Edupreneur_English
⏲ 6 minutes 53 seconds 👁 6.6K
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.
⏲ 1:29 👁 3.8M
HRTAXINFO
⏲ 1 minute 9 seconds 👁 4.2K
Yadav Balaji @ Tax Edupreneur_English
⏲ 6 minutes 28 seconds 👁 225
Shakira may be innocent of the tax fraud charges against her, as Spanish prosecutors are now asking a second investigation into the star be dropped.
⏲ 1:4 👁 8.6M
Deepak Chopra
⏲ 5 minutes 24 seconds 👁 7.6K
Dr Bro
⏲ 23 minutes 26 seconds 👁 1.1M
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