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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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Timothy Smith
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Forbes
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Tráiler de Indiana Jones and the Fate of Atlantis from atlantis bahamas real estate for sale
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Sotheby's International Realty
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Better Homes and Gardens Real Estate MCR Bahamas
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Europe is the hottest market for swapping property for cryptocurrencies, according to the founders of asset-backed cryptocurrency Unicoin.
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HG Christie
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Travel SzN
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New homes built in the middle of a housing estate have angered residents who claim developers have built them in the wrong place and 1.8m higher than planned.
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HG Christie
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Concierge Auctions
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