_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 iozsa2k owe 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: 18.1M times
✓ Published: 18-May-2024
👁 View: 18.1M times
✓ Published: 18-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
_owe-you-nothing.webp "Az Izz - Topic")
_radhe-the-most-wanted-bhai---salman-khan-disha-patani-randeep-hooda.webp "Radhe - The most wanted Bhai | Full Movie HD 4k facts | Salman khan | Disha patani | Randeep<br/>The lead actor, doing justice to the tagline in the title (“Your Most Wanted Bhai”), has the entire film to himself. When Radhe loses his cool, which obviously is pretty frequently, there is no stopping him. The one-man army goes all guns blazing. It is, however, Randeep Hooda, in the guise of a brutal baddie in black, who upstages the rest of the cast, which includes Jackie Shroff in an underwritten comic role of a bumbling Assistant Commissioner of Police who seeks to hide his failings behind a wall of bluster.<br/><br/>Available for on-demand viewing on Zee5 – it would also have hit the multiplexes had the second wave of Covid-19 not shuttered movie halls across India – Radhe deals with an urban epidemic of sorts. Youngsters are dropping dead (or harming themselves grievously) owing to widespread drug addiction. Our man Radhe, an under-suspension police inspector, is hurriedly pulled out of hibernation and entrusted with the task of weeding out the drug dealers who are taking a toll on the nation's future.")
_apotheosis-bai-lian-cheng-shen-s2-ep-77-eng-sub.webp "Zen Luo, who is now a menial slave, used to be a young master of a big family, owing to the decline of his family, his sister is imprisoned by a strong force, he has no choice but to be at others’ service. However, Every cloud has a silver lining, The ancient book left by his father actually conceals the magical spell, which can change a human into an instrument! What’s the mysterious power behind all these? This is contest with fate.<br/>")
_american-credit-card-debt-surpasses-361-trillion-as-young-adults-struggle-to-cover-costs-of-housing-student-loans.webp "Americans owe over $1 trillion collectively in credit card debt, the Federal Reserve Bank of New York reported Tuesday. The average credit card balance per consumer exceeds $6,000, up 8.5% from the previous year. More borrowers are falling behind on credit card payments, with less than 9% of balances transitioning to delinquency. Serious delinquencies past 90 days reached their highest level since 2010. Younger adults have taken on more debt to cover the rising rent costs, student loans, and auto loans. Credit cards charging an average of 20% interest are typically the most expensive debt.")
⏲ 0:40 👁 1.8M
_owe-you-nothing.jpg)
_radhe-the-most-wanted-bhai---salman-khan-disha-patani-randeep-hooda.jpg)
_apotheosis-bai-lian-cheng-shen-s2-ep-77-eng-sub.jpg)
_american-credit-card-debt-surpasses-361-trillion-as-young-adults-struggle-to-cover-costs-of-housing-student-loans.jpg)
![[+]](/images/menu.gif){kind=small}