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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 👁 30.4M
Accounting Instruction, Help, u0026 How To
IRS Tax Tip - Here’s how people can become an IRS-certified volunteer
⏲ 5 minutes 22 seconds 👁 2.4K
A Penny Pinchers Guide to Personal Finance
How to File Taxes for Free 2024 | IRS Free File
⏲ 7 minutes 7 seconds 👁 33.2K
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 👁 2M
BUSINESS CREDIT MATRIX
Free tax course at IRS.GOV
⏲ 15 minutes 24 seconds 👁 6.5K
Grant Cardone
How Big Earners Reduce their Taxes to Zero
⏲ 13 minutes 37 seconds 👁 1.4M
Get ready for a wave of uncontrollable laughter in this hilarious video showcasing a bulldog's clumsy determination. Witness the must-see moment this persistent pup attempts to navigate a doorway with a larger-than-life stick firmly gripped in its mouth. Prepare to be charmed by the bulldog's sheer persistence (and some comical thumps against the door frame) as it tries to overcome this adorable obstacle course. <br/><br/>Video ID: WGA675464<br/><br/>All the content on Heartsome is managed by WooGlobe<br/><br/>For licensing and to use this video, please email licensing(at)Wooglobe(dot)com.<br/><br/>►SUBSCRIBE for more Heart touching Videos: <br/><br/>-----------------------<br/>Copyright - #wooglobe #heartsome <br/>#funnydogvideo #bulldogvideo #hilariousstruggle #mustsee #incredibledetermination #adorableobstaclecourse #clumsydog #dogwithstick #funnybulldogantics #cantstoplaughing #fureverfriend #doglife #derpydog #dogsofinstagram #positivevibes #cantcontainmyexcitement #makingmemories #bulldoglove #ilovemydog #viral #funniestdogvideoever #wheredidthatcomesfrom
Bulldog's Hilarious Stick Struggle Will Make You LOL!
⏲ 0:16 👁 140K
Heather Cox Richardson
Politics Chat: May 7, 2024
⏲ 1 hour 7 minutes 9 seconds 👁 6.3K
Creditor Academy
THE DECLARATION OF FOREIGN GRANTOR TRUST Patrick Devine Final Process
⏲ 2 hours 14 minutes 25 seconds 👁 1.4K
During a House Appropriations Committee hearing on Tuesday, Rep. Jerry Carl (R-AL) questioned Internal Revenue Service Commissioner Danny Werfel about the Tax Cuts & Jobs Act.<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
‘What Impact Will This Have To My Constituents?’: Carl Asks IRS Chief About Trump Tax Cuts Expiring
⏲ 4:37 👁 5K
Lena Petrova
🔴 FREE FILE Your 2023 Taxes Using IRS Free File
⏲ 10 minutes 👁 11.2K
Vincent Chan
IRS \"You'll NEVER Need to Pay Taxes Again... Legally\"
⏲ 12 minutes 36 seconds 👁 936.1K
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