_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 dbz rule 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: 4M times
✓ Published: 01-May-2024
👁 View: 4M times
✓ Published: 01-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
Related Videos
_irs-quietly-changes-the-rule-on-how-your-childrens-inheritance-will-be-taxed.webp "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.")
_workers-rule-streets-on-may-day.webp "Workers rule streets on May Day<br/><br/>For one day, workers ruled the world’s biggest streets. Thousands strong marched Wednesday, to mark May Day, the first day of the month when workers’ rights are celebrated in demonstrations around the globe. From Seoul to Paris, Istanbul to Berlin, they drew attention to stagnant wages and the high cost of living as they took aim at their governments. In some cases, their governments returned fire. Standing out in the crowds were the many messages held high on banners or scrawled in pen on simple signs. 'We work to live!!! Not to die!!!' read the sign held by a man in Manila, Philippines. 'The rich want war — the youth want a future,' a banner said in Berlin. 'Don’t touch the eight-hour workday!' warned a placard in Colombo, Sri Lanka. <br/><br/>Photos by AP<br/><br/>Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe <br/>Visit our website at https://www.manilatimes.net <br/> <br/>Follow us: <br/>Facebook - https://tmt.ph/facebook <br/>Instagram - https://tmt.ph/instagram <br/>Twitter - https://tmt.ph/twitter <br/>DailyMotion - https://tmt.ph/dailymotion <br/> <br/>Subscribe to our Digital Edition - https://tmt.ph/digital <br/> <br/>Check out our Podcasts: <br/>Spotify - https://tmt.ph/spotify <br/>Apple Podcasts - https://tmt.ph/applepodcasts <br/>Amazon Music - https://tmt.ph/amazonmusic <br/>Deezer: https://tmt.ph/deezer <br/>Tune In: https://tmt.ph/tunein<br/> <br/>#TheManilaTimes <br/>#worldnews <br/>#laborday <br/>#workers")
_this-is-the-one-rule-celebrities-must-not-break-at-the-met-gala.webp "Get an insider look at the strict rules celebrities must follow at the Met Gala. Imagine risking a permanent ban just for a phone peek! From Anna Wintour's approval to pre-planned seating, it's all under wraps. Which celebrity's look are you most excited to see? Comment below! #MetGala #CelebrityFashion #AnnaWintour #RedCarpet #FashionRules #Fashion #CelebStyle #HighFashion #Mystery #HollywoodGossip #CelebrityNews #HollywoodNews #HollywoodDrama")
_wolves-react-to-var-rule-change-and-rating-their-season-out-of-10.webp "A look at Wolves’ season as a whole")
_major-bank-ceos-call-on-government-to-ease-lending-rules.webp "Banks are calling for an easing of responsible lending laws introduced after the Royal Commission. The stricter rules are aimed at protecting consumers but advocacy groups are warning against making changes.")
_ppn-world-news-headlines-5-may-2024.webp "• US student protests • Israel raids West Bank • Cairo talks")
_mike-simpson-praises-supreme-courts-wotus-decision-rule-that-reigned-in-the-epa.webp "During a House Appropriations Committee hearing on Tuesday, Rep. Mike Simpson (R-ID) questioned EPA Administrator Michael Regan about the Waters of the United States rule.<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/><br/>Stay Connected<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")
_biden-addresses-campus-protests-urges-pro-palestinian-protesters-to-uphold-rule-of-law.webp "President Joe Biden addressed the ongoing pro-Palestinian protests on university campuses across the US and urged protesters to uphold the rule of law. He stated that while the right to protest exists, there is no right to cause chaos. Police have detained over 2,000 people nationwide in the past two weeks, including over 200 arrests at the UCLA. UCLA administrators called the pro-Palestinian camp on campus \")
⏲ 0:45 👁 690K
_irs-quietly-changes-the-rule-on-how-your-childrens-inheritance-will-be-taxed.jpg)
_workers-rule-streets-on-may-day.jpg)
_this-is-the-one-rule-celebrities-must-not-break-at-the-met-gala.jpg)
_wolves-react-to-var-rule-change-and-rating-their-season-out-of-10.jpg)
_major-bank-ceos-call-on-government-to-ease-lending-rules.jpg)
_ppn-world-news-headlines-5-may-2024.jpg)
_mike-simpson-praises-supreme-courts-wotus-decision-rule-that-reigned-in-the-epa.jpg)
_biden-addresses-campus-protests-urges-pro-palestinian-protesters-to-uphold-rule-of-law.jpg)
![[+]](/images/menu.gif){kind=small}