_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 capital one costco log in 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: 9.2M times
✓ Published: 18-May-2024
👁 View: 9.2M 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
_red-lobster-announces-nearly-100-locations-will-be-shut-down.webp "Red Lobster Announces, Nearly 100 Locations , Will Be Shut Down.<br/>NBC reports that approximately 99 Red Lobster locations <br/>will be auctioned off as the seafood chain faces <br/>questions regarding the company's long-term future.<br/>Founder and CEO of the liquidation firm TAGeX Brands, <br/>Neal Sherman, said he would lead the closure of over <br/>50 locations in a May 13 LinkedIn post.<br/>Sherman said equipment from the <br/>locations will be auctioned off.<br/>Locations will reportedly be closed across <br/>the United States, including Denver, <br/>Indianapolis, California and New York.<br/>On May 14, Restaurant Business Magazine reported <br/>a total of 99 locations would close, representing <br/>about 15% of the company's 700 locations. .<br/>NBC reports that the largest seafood <br/>restaurant in the U.S. has struggled with debt, <br/>unfavorable leases and executive turnover.<br/>The chain's troubles also stem from ill-advised <br/>strategies like an all-you-can-eat-shrimp promotion <br/>in 2023 that resulted in a significant loss.<br/>Earlier in 2024, the chain's largest investor, <br/>Thai Union, announced that it would <br/>seek to exit its position. .<br/>The combination of Covid-19 pandemic, <br/>sustained industry headwinds, higher <br/>interest rates and rising material and <br/>labor costs have impacted Red Lobster, <br/>resulting in prolonged negative <br/>financial contributions to <br/>Thai Union and its shareholders, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC.<br/>After detailed analysis, we have <br/>determined that Red Lobster’s <br/>ongoing financial requirements <br/>no longer align with our capital <br/>allocation priorities and <br/>therefore are pursuing an exit <br/>of our minority investment, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC")
_how-to-login-to-your-capital-one-account-or-recover-your-password.webp "Slava - Money")
_capital-one-mobile-app-login.webp "Help Deck")
_capital-one-bank-online-banking-login-124-capitalone.webp "How To Geek")
_how-to-register-log-in-find-password-account-capital-one-credit-card-mobile-website.webp "The Stuff I Use Channel")
⏲ 4 minutes 👁 20.7K
_6-popular-costco-soups-ranked-worst-to-best.webp "If you're craving some simple and affordable soups, then Costco has you covered. Here are six popular options from the big box store, ranked from worst to best.")
_news-capital-one-first-to-comply-with-new-credit-card-law.webp "ProudMoney - Credit Cards u0026 Personal Finance")
_red-lobster-announces-nearly-100-locations-will-be-shut-down.jpg)
_how-to-login-to-your-capital-one-account-or-recover-your-password.jpg)
_capital-one-mobile-app-login.jpg)
_capital-one-bank-online-banking-login-124-capitalone.jpg)
_how-to-register-log-in-find-password-account-capital-one-credit-card-mobile-website.jpg)
_6-popular-costco-soups-ranked-worst-to-best.jpg)
_news-capital-one-first-to-comply-with-new-credit-card-law.jpg)
![[+]](/images/menu.gif){kind=small}