_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 the corporation trust company nj 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: 22.3M times
✓ Published: 07-May-2024
👁 View: 22.3M 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
_how-to-set-up-your-llc-with-a-living-trust.webp "Clint Coons Esq. | Real Estate Asset Protection")
_lawmakers-react-to-octa-survey.webp "Lawmakers react to OCTA survey<br/><br/>Several lawmakers on Thursday shared their thoughts on the survey by OCTA Research that seven out of ten Filipinos want military action and diplomacy in resolving the dispute in the West Philippine Sea.<br/><br/>Representatives Jude Acidre of Tingog Partylist, Faustino Dy 5th of Isabela, and Ernesto Dionisio Jr. of Manila said that the survey result was a \")
_make-your-trust-own-everything-a-proper-explanation.webp "Karlton Dennis")
_why-every-american-needs-a-trust-in-2023.webp "Mark J Kohler")
_what-is-a-trust-124-benefits-of-using-a-trust-to-own-shares-in-a-company-124-legalvision.webp "LegalVision")
⏲ 4 minutes 2 seconds 👁 58.7K
_wyoming-llcs-reality-amp-bull36amp-124-tax-attorney-explains.webp "Mat Sorensen - Wealth Lawyer u0026 Entrepreneur")
_podcast-woman-knocked-out-and-left-with-horrific-injuries-in-random-pub-attack.webp "<p>A Rochester woman had to undergo surgery and has been left with a broken nose after an unprovoked attack </a>while on a night out. </p><p>The 42-year-old has lost her sense of smell and taste following the assault - a man who has a history of violence against women has faced court. </p><p>Also in today’s podcast, worried business owners in Medway have been left fearing for their future after seeing customer numbers plummet</a> following a hike in car parking fees.</p><p>They claim footfall has dropped by around a third since the authority decided to increase its pay and display costs for on and off-street parking by 60p earlier this year. </p><p>The parents of a “kind and compassionate” man who died following a severe asthma attack</a> are raising awareness of the condition.</p><p>Dad-of-two Gary Bush was putting his young children to bed when he suffered the attack – this World Asthma Day his parents are urging people with the condition to find support. </p><p>One of the last remaining businesses in a closure-hit shopping centre extension says turning the site into 200 homes</a> could be a good opportunity.</p><p>It comes as the owners of Ashford’s County Square admit the development is “failing” and could be put to better use. </p><p>And you can hear from wildlife bosses as a significantly important area of marshland in Kent has been officially handed over to the Kent Wildlife Trust.</a></p><p>The site near Faversham has been described as a “service station for birds” and is home to more than 250 species. </p>")
_5-biggest-revocable-living-trust-mistakes-amp-how-to-avoid-them.webp "ELG Estate Planning")
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!)
_how-to-set-up-your-llc-with-a-living-trust.jpg)
_lawmakers-react-to-octa-survey.jpg)
_make-your-trust-own-everything-a-proper-explanation.jpg)
_why-every-american-needs-a-trust-in-2023.jpg)
_what-is-a-trust-124-benefits-of-using-a-trust-to-own-shares-in-a-company-124-legalvision.jpg)
_wyoming-llcs-reality-amp-bull36amp-124-tax-attorney-explains.jpg)
_podcast-woman-knocked-out-and-left-with-horrific-injuries-in-random-pub-attack.jpg)
_5-biggest-revocable-living-trust-mistakes-amp-how-to-avoid-them.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}