_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 groynes impact on beaches 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: 17.2M times
✓ Published: 18-May-2024
👁 View: 17.2M times
✓ Published: 18-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
_how-coastal-erosion-works.webp "Practical Engineering")
_groynes.webp "Internet Geography")
_thousands-of-celtic-fans-gather-at-glasgow-cross-to-celebrate-their-54th-tile-win.webp "Thousands of Celtic fans gather at Glasgow Cross to celebrate their 54th tile win<br/><br/>Crowds in Glasgow as Celtic fans mark title win<br/><br/>Celtic fans are preparing to celebrate in Glasgow after the club won its third successive Scottish Premiership title.<br/><br/>The trophy was carried into Saturday's game at Celtic Park by goalkeeper Joe Hart. The home side went on to beat St Mirren 3-2.<br/><br/>Glasgow city council said while celebrations are to be \")
_coastal-erosion-and-the-methods-used-to-reduce-it.webp "Mr Gedge's Geography Channel")
_how-coastal-erosion-works.jpg)
_groynes.jpg)
_thousands-of-celtic-fans-gather-at-glasgow-cross-to-celebrate-their-54th-tile-win.jpg)
_coastal-erosion-and-the-methods-used-to-reduce-it.jpg)
![[+]](/images/menu.gif){kind=small}