_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 stover estate apartments 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: 2.3M times
✓ Published: 05-May-2024
👁 View: 2.3M times
✓ Published: 05-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
_2015-chacabuco-hot-spanich-teen-movie-from-argentina-ifv-classic.webp "The scenario is a large, luxurious, somewhat rundown vacation home with large grounds near Buenos Aires (Chacabuco is the name of the street). The main characters are father Marcelo and teenage daughter Claudia, with the later addition of Claudia's boyfriend Pipo and Sara, the caretaker of Marcelo's father, who died some time ago and was the owner of the house. Marcelo is starting the process of selling the property; there are real estate agents around, cardboard boxes everywhere and most furniture is covered. Marcelo seems to be in an emotional low and his relation with Claudia is strained, perhaps because of some unexplained resentment on her part.")
_launch-of-wollongong39s-39eclipse39-apartments.webp "Wollongong's 'Eclipse' apartments were launched at a VIP event this week.")
_rude-awakening-124-show-124-1980-124-official-trailer.webp "A real estate broker finds himself having dreams that seem to be incredibly real. They are so real, in fact, that he beg | dHNfc3hTVVI5UmpjU3M")
_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.")
_no-selling-the-oc39s-ali-still-hasnt-gotten-her-real-estate-license.webp "No, Selling the OC's Ali Still Hasn’t Gotten Her Real Estate License")
_dr-spring-2024-full-episode-1-english-sub.webp "Dr. Spring (2024) FULL Episode 1 English sub")
_asmr-solo-camping-girl-in-the-rain-4k-relaxing-rainfall-sounds-124-ultimate-peace-amp-sleep-aid.webp "Experience the serene beauty of solo camping in the rain through our stunning ❤️4K video❤️<br/><br/>Join a lone camper as she embraces the soothing sounds of rainfall in a lush forest setting.<br/><br/>This video is perfect for anyone seeking to unwind, find inner peace, or drift into a deep, restful sleep.<br/><br/>Watch and listen to the rhythmic pitter-patter of raindrops, the calming ambiance of nature, and the gentle rustle of leaves, all captured in vivid 4K quality.<br/><br/>Ideal for relaxation, meditation, or as a sleep aid, this video provides a unique escape into nature from the comfort of your home.<br/><br/>️ Features:<br/><br/>❤️- High-quality 4K video footage of solo camping in the rain<br/>❤️- Natural rain sounds perfect for relaxation and sleep<br/>❤️- Peaceful and unintrusive visual experience<br/>❤️- A personal journey into the tranquility of nature<br/><br/> Why Watch?<br/><br/>❤️- To relieve stress and anxiety<br/>❤️- To find a natural aid for insomnia and sleep difficulties<br/>❤️- To enjoy the immersive experience of nature’s beauty and sounds<br/><br/> Like, Subscribe, and Hit the Bell icon to receive updates on our latest soothing nature videos!")
⏲ 35:25 👁 95K
_estate-planning-attorney.webp "Discover the intricacies of estate planning with Perna & Abracht, LLC. Discover how our experienced attorneys provide tailored solutions to safeguard your legacy and ensure your wishes are honored. From will drafting to trust setup, we're here to guide you every step of the way. Contact us today to secure your family's future with confidence.<br/>Focusing links -https://pa4law.com/estate-planning-attorney-pennsylvania/")
_2015-chacabuco-hot-spanich-teen-movie-from-argentina-ifv-classic.jpg)
_launch-of-wollongong39s-39eclipse39-apartments.jpg)
_rude-awakening-124-show-124-1980-124-official-trailer.jpg)
_irs-quietly-changes-the-rule-on-how-your-childrens-inheritance-will-be-taxed.jpg)
_no-selling-the-oc39s-ali-still-hasnt-gotten-her-real-estate-license.jpg)
_dr-spring-2024-full-episode-1-english-sub.jpg)
_asmr-solo-camping-girl-in-the-rain-4k-relaxing-rainfall-sounds-124-ultimate-peace-amp-sleep-aid.jpg)
_estate-planning-attorney.jpg)
![[+]](/images/menu.gif){kind=small}