_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 coruscant capital 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: 3.5M times
✓ Published: 13-Apr-2024
👁 View: 3.5M times
✓ Published: 13-Apr-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
_what-this-year39s-ai-50-list-says-about-the-artificial-intelligence-industry-124-forbes.webp "By spring of 2023, the massive popularity of apps like ChatGPT had prompted a mass scramble among businesses trying to implement the latest advances in generative artificial intelligence. One year later, the craze continues. In turn, a new tech economy has emerged to help businesses develop and deploy AI-powered apps. That’s reflected by the makeup of Forbes’ sixth annual AI 50, produced in partnership with Sequoia and Meritech Capital, which recognizes the most promising privately-held artificial intelligence companies.<br/><br/>In this video, Forbes staff writer and list editor Kenrick Cai sits down with Sequoia Capital group partner and AI 50 data partner Konstantine Buhler to discuss the findings and emerging trends from this year's list. <br/><br/>Read the full story on Forbes: https://www.forbes.com/lists/ai50<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.")
_coruscant-the-capital-the-music-of-star-wars-the-old-republic.webp "swtheoldrepublic")
_coruscant-the-capital-extended-version-edited-ambience-swtor-ost.webp "SurfieExtends")
⏲ 11 minutes 26 seconds 👁 11.1K
_why-the-new-republic-didn39t-place-its-capital-on-coruscant.webp "Generation Tech")
_how-coruscant-evolved-to-become-capital-of-the-known-galaxy-the-full-history-explained.webp "Geetsly's")
⏲ 11 minutes 2 seconds 👁 19K
_can-indonesias-love-law-ensure-domestic-harmony-124cohabitation-for-unmarried-couples-124-oneindia-news.webp "Explore the controversial \")
Can Indonesia’s Love Law Ensure Domestic Harmony |Cohabitation for Unmarried Couples | Oneindia News
⏲ 2:57 👁 29.4M
_coruscant-a-virtual-tour-video-supercut-1080p-60-fps.webp "Telcom Transmissions")
_what-this-year39s-ai-50-list-says-about-the-artificial-intelligence-industry-124-forbes.jpg)
_coruscant-the-capital-the-music-of-star-wars-the-old-republic.jpg)
_coruscant-the-capital-extended-version-edited-ambience-swtor-ost.jpg)
_why-the-new-republic-didn39t-place-its-capital-on-coruscant.jpg)
_how-coruscant-evolved-to-become-capital-of-the-known-galaxy-the-full-history-explained.jpg)
_can-indonesias-love-law-ensure-domestic-harmony-124cohabitation-for-unmarried-couples-124-oneindia-news.jpg)
_coruscant-a-virtual-tour-video-supercut-1080p-60-fps.jpg)
![[+]](/images/menu.gif){kind=small}