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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.

IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed

⏲ 1:29 👁 17.4M

pdftax

How to fill out IRS Form 1040 for 2020

⏲ 7 minutes 4 seconds 👁 132.9K

Wise Money Show

IRS Releases New 1040 Tax Form 2020

⏲ 9 minutes 3 seconds 👁 10.7K

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.

IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed

⏲ 1:29 👁 7.9M

filemytaxesonline

IRS Federal Income Tax Form 1040A for 2020, 2021

⏲ 53 seconds 👁 58

filemytaxesonline

Where to Get Printable IRS Tax Forms & Instructions 2020, 2021

⏲ 1 minute 👁 72

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.

IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed

⏲ 1:29 👁 2.3M

Katie St Ores CFP, ChFC, EA

1040sr for Seniors.Step by Step Walkthrough of Senior Tax Return 1040SR. New IRS Form 1040-SR

⏲ 10 minutes 32 seconds 👁 53.8K

Cloud Expat Tax

How to Fill 2020 Form 1040 - Instructions for Stimulus Payments - Simple MFJ US Tax Return 2020.

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SNK (Japan) Logo History 1988-Present

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Millennial Finance 101

How To Get Your Stimulus Money 2021 - Step By Step Guide -File Your Taxes For Free

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Tax Law Guy

How to Get IRS Back Taxes Forgiveness 3 Different Ways [IRS Back Taxes Help] #backtax

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