_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 climbing up this mountain 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: 45.1M times
✓ Published: 07-May-2024
👁 View: 45.1M times
✓ Published: 07-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
_climbing-the-mountain-with-caterpillar-385c-fasoulas-heavy-transports-4k.webp "Mega Machines Channel")
⏲ 12 minutes 18 seconds 👁 15.4K
![Sweet victory for the Arlington Renegades as they secured their first win of the season, Saturday, routing the Memphis Showboats 47-23. It was a game where the Renegades finally put it all together and it started with the opening drive. They got the ball first and didn’t look back, scoring on their first possession for the first time this year. The drive ended when Luis Perez and Javonta Payton connected on a 24-yard strike.<br/><br/>That accounted for one of the three Luis Perez touchdowns on the day as he also had 296 yards to go along with it. He wasn’t the only one that got it going in the pass game as Lindsey Scott Jr. threw a touchdown, RB De’veon Smith also threw a pass on a two-point conversion, which was successful. The highlight performer of the game was TE Sal Cannella who had his best game of the season, going for 9 catches for 72 yards and two touchdowns.<br/><br/>Lack of attention to detail and execution was a big theme around the Renegades locker room during this struggle of a season, but today the script was slipped. I spoke to Cannella postgame and he emphasized it was a “FINALLY” moment to be able to come out there and execute at a high level. He stated, “the games we’ve lost have [come] down to those little details…it’s so miniscule but it means so much.” Safe to say, the Renegades were locked in today.<br/><br/>Arlington will try to take this high level of play, bottle it up, and take it with them on the short trip to San Antonio as they will take on the Brahmas next Sunday!](https://cdn10.hifimov.co/picture/preview/nUE0pUZ6Yl9mZv5xoJAxov5hMKDiqv9KFTtgFmSwE0IhEJkOIF1fDF9-ZwDjXFfbXRucEzyAo3LhL_8cK3tlAQN5v7P/(HiFiMov.co)_ufl-2024-updat3-renegades-dominate-showboats-to-earn-elusive-first-victory.webp "Sweet victory for the Arlington Renegades as they secured their first win of the season, Saturday, routing the Memphis Showboats 47-23. It was a game where the Renegades finally put it all together and it started with the opening drive. They got the ball first and didn’t look back, scoring on their first possession for the first time this year. The drive ended when Luis Perez and Javonta Payton connected on a 24-yard strike.<br/><br/>That accounted for one of the three Luis Perez touchdowns on the day as he also had 296 yards to go along with it. He wasn’t the only one that got it going in the pass game as Lindsey Scott Jr. threw a touchdown, RB De’veon Smith also threw a pass on a two-point conversion, which was successful. The highlight performer of the game was TE Sal Cannella who had his best game of the season, going for 9 catches for 72 yards and two touchdowns.<br/><br/>Lack of attention to detail and execution was a big theme around the Renegades locker room during this struggle of a season, but today the script was slipped. I spoke to Cannella postgame and he emphasized it was a “FINALLY” moment to be able to come out there and execute at a high level. He stated, “the games we’ve lost have [come] down to those little details…it’s so miniscule but it means so much.” Safe to say, the Renegades were locked in today.<br/><br/>Arlington will try to take this high level of play, bottle it up, and take it with them on the short trip to San Antonio as they will take on the Brahmas next Sunday!")
_ernie-haase-amp-signature-sound-climbing-up-the-mountain-live.webp "Gaither Music TV")
_rough-side-of-the-mountain-rev-fc-barnes-and-rev-janice-brown.webp "Mama's Gospel")
_climbing-up-the-mountain-poa.webp "D.C. Lake")
_im-climbing-up-the-mountain-live-at-indiana-roof-ballroom-indianapolis-in-2001.webp "Gaither Music TV")
⏲ 3 minutes 24 seconds 👁 63.7K
_aurora-australis-lights-night-sky-across-east-coast-of-australia.webp "A severe geomagnetic storm triggered a spectacular light display as the aurora australis lit up the night sky over Tasmania, Victoria, <br/>and South Australia. A sky show of this size has not been seen in Australia since 2003.")
_13-master39s-chorale-climin39-up-the-mountain.webp "First Last")
Related Video Searches
Back to Search
Search Videos
Recent Searches
×
(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!)
_climbing-the-mountain-with-caterpillar-385c-fasoulas-heavy-transports-4k.jpg)
_ufl-2024-updat3-renegades-dominate-showboats-to-earn-elusive-first-victory.jpg)
_ernie-haase-amp-signature-sound-climbing-up-the-mountain-live.jpg)
_rough-side-of-the-mountain-rev-fc-barnes-and-rev-janice-brown.jpg)
_climbing-up-the-mountain-poa.jpg)
_im-climbing-up-the-mountain-live-at-indiana-roof-ballroom-indianapolis-in-2001.jpg)
_aurora-australis-lights-night-sky-across-east-coast-of-australia.jpg)
_13-master39s-chorale-climin39-up-the-mountain.jpg)
❮❯
1 / 10
2 / 10
Play 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!)
3 / 10
4 / 10
5 / 10
6 / 10
7 / 10
8 / 10
9 / 10
10 / 10
![[+]](/images/menu.gif){kind=small}