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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.
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Bluford (Blu) Putnam, former Managing Director and Chief Economist of CME Group on Benzinga's Premarket Prep. <br/><br/>- Evolving expectations for the Fed Funds Rate at the end of 2024<br/>- PCE Core Inflation VS Fed Funds Rate<br/>- Taylor Rule for the Fed Funds Rate<br/>Inflation<br/>- Wage inflation<br/>- Shelter inflation<br/>- Tariffs on China, impact on inflation
⏲ 17:53 👁 360K
CEO Pretends to Drop Money to Test Shoe Shine Girl’s Honesty – The Unexpected Outcome | Short Movie
⏲ 3:3:38 👁 5.9M
A TV Travel expert shares the industry secrets he uses to save money on cheap hotel deals without compromising quality.
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There’s an easy and effective way savers can minimize the damage of a retirement tax bomb. It all starts with making one simple shift in your retirement savings contributions.
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Eight of the 10 costliest natural disasters in U.S. history have been hurricanes, and damage from Hurricane Ian cost nearly $113 billion dollars, making it the costliest natural disaster in America in 2022, and the third most costly hurricane ever. <br/><br/><br/>If your home has been affected by a hurricane, you can learn a lot from the experiences of past victims of natural disasters who had to assess the damage, contact their insurers, and undergo the long process of physical and financial recovery. Here’s how to get the money you deserve from your insurance company and ways to make the most of other assistance to fill in the gaps.
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10 Top Tips For Cheaper Van Insurance
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One in four female small business owners has taken a pay cut in the past year, according to new research.<br/><br/>The survey of 1,000 female small business owners examined how their experience has shifted in the past year and found that the down economy has forced a quarter of these business owners to cut their own pay to keep their businesses afloat.<br/><br/>For those small businesses that have been open for at least a year, many have also raised the price of their product or service (37%), and more than a quarter are actively seeking less expensive resources (27%).<br/><br/>Conducted by Talker Research for Office Depot, the survey found that 53% of female business owners said the past year has been the hardest for their business.<br/><br/>In 2023, respondents expressed challenges with funding (42%) and growing their business (30%), which continue to be the top struggles this year (39% and 30% respectively).<br/><br/>Experiencing fatigue was more of a pain point last year (23%), while marketing is proving to be a greater challenge this year (25%).<br/><br/>However, hard work has paid off for many female small business owners this year, allowing them to reach their 2023 goals: growing profit (goal of 59%, achieved by 26%), gaining more customers (goal of 53%, achieved by 41%) and expanding their business (goal of 28%, achieved by 12%).<br/><br/>And to keep the momentum going, respondents predict they’ll continue to uplevel and succeed through continued revenue growth (63%), gaining more customers (54%) and business expansion (27%). <br/><br/>But success is also about a lot more than dollars and cents. Twenty-one percent of respondents said success is all about making a positive impact in their community and a fifth (21%) included innovation as a success marker.<br/><br/>And while the next year looks to be more positive for female small business owners, there will still be challenges to overcome, with inflation (39%) and funding (25%) serving as the top concerns.<br/><br/>To overcome these challenges, female SBOs are throwing themselves into their work more often — but how much is too much?<br/><br/>Work-life balance improvements have slowed by 15% since last year, as only this year, 58% said their work-life balance has improved since becoming a business owner, compared to 73% who said the same last year.<br/><br/>Women surveyed feel they need to choose between their family and their profession multiple times every month, while one in eight feel this way every week.<br/><br/>And overall, 42% said being a business owner has made it more difficult to balance their outside work responsibilities.<br/><br/>To better balance their work and family life, those surveyed are committed to “cutting back on working hours,” “taking time for quiet reflection” and “being willing to take a day off as necessary.”<br/><br/>For respondents who set up their business in the last year, top reasons include wanting to be one’s own boss (59%), deciding to pursue a passion or hobby (46%) and drive to put an idea into action (41%).
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