_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 video quiet 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: 3.7M times
✓ Published: 01-May-2024
👁 View: 3.7M 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
_serving-up-heaping-slices-of-humble-pie-reaction.webp "Charlotte Dobre")
_nfl-draft-day-three-the-dallas-cowboys-picks.webp "The Dallas Cowboys had four picks on the final day of the 2024 NFL Draft:<br/><br/>Round 5 : No. 173 <br/><br/>Round 6 : No. 216<br/><br/>Round 7 : No. 233<br/><br/>Round 7 : No. 244 <br/><br/>Round five : Pick 173 – The Cowboys selected CB Caelen Carson out of Wake Forest. In 2023 Carson played in 11 games and finished with 42 tackles, 29 of them being solo tackles. He led the team with eight pass breakups. <br/><br/>We got to speak to Carson after the pick and he was asked what the Cowboys are getting, “Gritty player. Somebody that is gonna do whatever for the team, play special teams, play nickel, play outside, so you got versatility. And just a competitive dude. I’m competitive by nature. My personality might be quiet but on the field it’s a whole different personality.” Carson told the media.<br/><br/>When asked about playing alongside Trevon Diggs and DaRon Bland, Carson stated, “Definitely. I’m ready to learn from those guys. Trevon Diggs, another Maryland guy, I’m from Maryland too so we have that connection right there. I’m just excited to really learn. They’ve got a lot of interceptions together. I’m excited to see how they do that type of stuff, learn from their game and just compete with them.”<br/><br/>Round six : Pick 216 – The Dallas Cowboys selected former SE Missouri State WR Ryan Flournoy. Out ofall the wide receivers, Flournoy produced the fastest GPS time during position drills at the 2024 combine. The WR who did so in 2023? Puka Nacua.<br/><br/>In 2022 Flournoy earned First-Team All-Ohio Valley Conference honors in his first year at Southeast Missouri. He started 11 games at wide receiver and led the team in receiving yards (984), receiving touchdowns (7) and receiving yards per game (89.5). <br/><br/>Round seven : Pick 233 – The Dallas Cowboys selected Nathan Thomas, OT, out of Louisiana. Thomas entered the draft as a redshirt junior, he anchored the left side of the line as a first-year starter at left tackle. Starting in all 13 games and finished with 25 knockdowns. He was also graded 80 percent or better in 11 of the 13 games. <br/><br/>Round seven : Pick 244 – The Dallas Cowboys selected Justin Rodgers the DT out of Auburn. Rogers is a big nose tackle prospect with the size and strength to occupy blockers and help clog up the middle. He has strong hands and can discard blocks quickly. He flashes the ability to push the pocket rushing the passer. He has 17 tackles and 1 sack in 2023, and made seven starts as a senior. <br/><br/>We spoke with GM and owner Jerry Jones after the draft along with head coach Mike McCarthy they told us that these were players that they needed and they are all great fits.")
_panicked-trump-arrives-to-another-horrible-day-at-trial.webp "MeidasTouch")
_oddly-satisfying-video-with-calming-deep-sleep-music---stress-relief-amp-meditation-s51.webp "Satisfying Official")
⏲ 30 minutes 3 seconds 👁 29.5K
_oddly-satisfying-video-with-calming-deep-sleep-music---stress-relief-amp-meditation-z39.webp "Satisfying Official")
⏲ 1 hour 1 minute 35 seconds 👁 79.2K
_oddly-satisfying-video-with-calming-deep-sleep-music---stress-relief-amp-meditation-s52.webp "Satisfying Official")
⏲ 30 minutes 👁 32.7K
_nickelodeon-just-quietly-canceled-two-shows-amidst-39quiet-on-set39-documentary-fallout.webp "CinemaBlend is the go-to-source for today's information and updates on new movies, tv shows, games and celebrity news and gossip.")
_1-hour-oddly-satisfying-video-that-relaxes-you-before-sleep-with-calming-music-124stress-meditation-s6.webp "Satisfying Official")
1 Hour Oddly Satisfying Video That Relaxes You Before Sleep with Calming Music |Stress Meditation S6
⏲ 1 hour 1 minute 👁 37.1K
_serving-up-heaping-slices-of-humble-pie-reaction.jpg)
_nfl-draft-day-three-the-dallas-cowboys-picks.jpg)
_panicked-trump-arrives-to-another-horrible-day-at-trial.jpg)
_oddly-satisfying-video-with-calming-deep-sleep-music---stress-relief-amp-meditation-s51.jpg)
_oddly-satisfying-video-with-calming-deep-sleep-music---stress-relief-amp-meditation-z39.jpg)
_oddly-satisfying-video-with-calming-deep-sleep-music---stress-relief-amp-meditation-s52.jpg)
_nickelodeon-just-quietly-canceled-two-shows-amidst-39quiet-on-set39-documentary-fallout.jpg)
_1-hour-oddly-satisfying-video-that-relaxes-you-before-sleep-with-calming-music-124stress-meditation-s6.jpg)
![[+]](/images/menu.gif){kind=small}