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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 👁 1M

Veterans InfoTap

New VA rule allows VA to Adjust Disability Compensation to Prevent Overpayments

⏲ 9 minutes 53 seconds 👁 23.4K

Veterans InfoTap

VA to expand benefit- health care coverage to Veteran family members and caregivers through CHAMPVA

⏲ 8 minutes 10 seconds 👁 11.7K

During a House Judiciary Committee hearing on Tuesday, Rep. Ben Cline (R-VA) questioned HHS Assistant Secretary Melanie Egorin about the department's cooperation with Congressional subpoenas.<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com

'You Know That's Not Accurate': Ben Cline Pushes Back On HHS Official's Claims

⏲ 5:10 👁 12.6M

Woods u0026 Woods, The Veterans Firm

What You Need To Show The VA To Receive A Higher Rating For Neck & Back Disabilities?

⏲ 4 minutes 33 seconds 👁 15.5K

Kino Yves

This is Why Nobody Visits This Country 🇧🇮 vA 116

⏲ 33 minutes 56 seconds 👁 59.3K

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 👁 1.7M

Perkins Studdard Veterans Law

Proving Sleep Apnea Service Connection to VA

⏲ 3 minutes 41 seconds 👁 29.8K

WCNC

Veterans left waiting years for VA to decide disability appeals

⏲ 6 minutes 7 seconds 👁 19.8K

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 👁 4.8M

Sofia Amirpoor

VA LONG-TERM CARE BENEFITS- Step by Step Application Process-2019 (Aid and Attendance)

⏲ 16 minutes 38 seconds 👁 17.4K

U.S. Dept. of Veterans Affairs

VA's Caregiver Support Program | Get Paid to Care for Your Veteran | theSITREP

⏲ 22 minutes 19 seconds 👁 142K

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