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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 👁 7.4M

iTrubin

Visiting #CapitalOne cafe in Richmond, VA

⏲ 3 minutes 11 seconds 👁 11.3K

Run on The Bank

Capital One - $350 Checking Bonus (Retired)

⏲ 8 minutes 2 seconds 👁 7K

The list is out and this week, Lewis, Ben and John dissect the SPFL's best player and managers of the year.

Fitbaw Talk: The verdict on Scottish player and manager of the year

⏲ 24:0 👁 9.5M

Matt Welter

AVOID Capital One Credit Cards (UNLESS You Can Handle 6 Things!)

⏲ 12 minutes 33 seconds 👁 6.8K

Your Finance Friend

Capital One 360 Review - Worth It In 2024?

⏲ 8 minutes 4 seconds 👁 3.5K

This is the Met Office UK Weather forecast for the weekend 02/05/2024. It’s a bank holiday weekend so of course the weather is a bit mixed. Bringing you this weekend’s weather forecast is Alex Deakin.

Weekend weather 02\ 05\ 2024 – Bank Holiday forecast

⏲ 2:57 👁 10.5M

Aaron Wealth Management

Capital Gains Inclusion Rate is Increasing - $250,000 Threshold

⏲ 15 minutes 8 seconds 👁 1.5K

Professor Oak

Capital One Venture Rewards - 5 Year Review

⏲ 8 minutes 31 seconds 👁 11.2K

Will it be sunny as the town counts down to the four day festival of music, food and entertainment that is Burnley Live?

May Bank Holiday Weekend Weather Watch for Burnley

⏲ 1:0 👁 4.3M

Feasible Creative

What I Wish I Knew Before Opening a SoFi Online Savings Account

⏲ 8 minutes 16 seconds 👁 35.5K

Dayana Plays

Ranking My 3 Bank Accounts Worst To Best (High Yield)

⏲ 13 minutes 29 seconds 👁 12.6K

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