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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.
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EasyTechs
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Anthony Godinho
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The new rule issues migrants a benefit card for local use, limiting cash withdrawals and banning international transfers.
⏲ 1:38 👁 35.5M
Fix Windows Now
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jeak.com
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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.
⏲ 1:29 👁 3.8M
sakitech
⏲ 9 minutes 44 seconds 👁 403.7K
PE4Doers
⏲ 9 minutes 52 seconds 👁 19.7K
The Biden administration has notified Congress of its intention to transfer $1 billion worth of weapons to Israel. The move comes days after the US withheld shipments of certain munitions to Israel during its operation in Gaza. President Biden had said US weapons transfers could be curtailed if Israel expanded its ground offensive into civilian areas of Rafah. Last month, Congress approved $95 billion in foreign aid, including military aid for Israel, Ukraine, and Taiwan. Congressional approval will be required for the transfer to go through.
⏲ 0:36 👁 885K
Teconz
⏲ 2 minutes 34 seconds 👁 181K
Joshua Chang
⏲ 11 minutes 56 seconds 👁 44.5K
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