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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

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Synonyms for Kids

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Housing and Local Government Minister Nga Kor Ming says the Urban Redevelopment Act is currently in its final stages and targeted for tabling in the third quarter of this year.<br/><br/>He says four options whether to redevelop, regenerate, rejuvenate or conserve them, with all these well thought out to protect the owners’ interests while balancing out with business opportunities and developers interests.<br/><br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline

Nga: Urban Redevelopment Act to be tabled by third quarter

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Premier League clubs will vote on whether to scrap VAR at a meeting next month, following a motion tabled by Wolves. Daniel Wales reports.

Could VAR be set to be scrapped?

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Biden Asserts Executive Privilege , Over Audio of Interview With Robert Hur.<br/>In February, Hur's yearlong investigation <br/>into whether President Biden mishandled classified documents ended without enough evidence to support criminal charges.<br/>In February, Hur's yearlong investigation <br/>into whether President Biden mishandled classified documents ended without enough evidence to support criminal charges.<br/>House Republicans were provided a <br/>transcript of Biden's interview with Hur, but they wanted the audio, which the DOJ denied.<br/>As a result, House Republicans were <br/>moving to hold Attorney General <br/>Merrick Garland in contempt of Congress.<br/>On May 16, the Department of Justice told House Republicans that the president asserted executive privilege over audio from his interview with the special counsel.<br/>The move protects Garland from criminal exposure as GOP lawmakers seek to hold him accountable.<br/>Assistant Attorney General Carlos Uriarte <br/>explained the DOJ's actions in a letter.<br/>The Attorney General must draw a line <br/>that safeguards the Department from <br/>improper political influence and protects <br/>our principles, our law enforcement work, <br/>and the people who carry out that work <br/>independently, without fear or favor, Assistant Attorney General Carlos Uriarte, via letter .<br/>The Committees seek to hold the <br/>Attorney General in contempt <br/>not for failing in his duties, <br/>but for upholding them, Assistant Attorney General Carlos Uriarte, via letter .<br/>With the information you now have, <br/>the Committees ought not to proceed <br/>with contempt and should instead avoid <br/>unnecessary and unwarranted conflict, Assistant Attorney General Carlos Uriarte, via letter .<br/>White House Counsel Ed Siskel also wrote a letter supporting the assertion of executive privilege. .<br/>The absence of a legitimate need <br/>for the audio recordings lays bare <br/>your likely goal—to chop them up, <br/>distort them, and use them for <br/>partisan political purposes, White House Counsel Ed Siskel, via letter

Biden Asserts Executive Privilege Over Audio of Interview With Robert Hur

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Learn the Synonyms | Words that are same in meaning | | Examples of synonyms | Lesson with quiz

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Mometrix Academy

What are Synonyms and Antonyms?

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