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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 👁 3.8M

AllThingsMonney

What Is A T4 Slip In Canada?

⏲ 2 minutes 47 seconds 👁 17.3K

The Awesome S'witty Kiwi Show

IRS Schedule 1 Line-by-Line Instructions 2023: Extra Income and Adjustments to Income 🔶 TAXES S2•E80

⏲ 20 minutes 48 seconds 👁 8K

British luxury automobile manufacturer, Jaguar Land Rover, has reported a pre-tax profit of £2.2bn, marking its highest since 2015. The uptick in returns has been attributed to thriving global demand for the company's luxury models, particularly the Defender and Range Rover models manufactured at its Solihull factory.

Jaguar Land Rover sees record profits on global demand

⏲ 1:0 👁 8.1M

Logan Allec

Who Is Required to File a Tax Return? Minimum Income to File Taxes 2024

⏲ 13 minutes 4 seconds 👁 1.6K

Λsk Λbout Ideas

How do you calculate federal income tax withheld from paycheck?

⏲ 1 minute 20 seconds 👁 10.2K

Tax evaders wishing to wipe the slate clean with the Inland Revenue Board (LHDN) have until end of this month to do so, says Datuk Abu Tariq Jamaluddin.<br/><br/>The LHDN chief executive officer said this is because the deadline for thoseseeking a fresh start under the Special Voluntary Disclosure Programme 2.0 (SVDP) ends this May 31, after which they may end up paying a hefty penalty.<br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline<br/>

Last chance for tax evaders as fresh start offer ends May 31

⏲ 3:28 👁 7.1M

Lawyer You Know

LIVE! Real Lawyer Reacts: Karen Read Trial Day 14: New Details Revealed by Prosecution Witnesses

⏲👁 34.1K

Lena Petrova

✅ S Corporation Taxes Explained in 4 Minutes

⏲ 3 minutes 58 seconds 👁 23K

Your 401(k) can be a bridge from retirement to a higher monthly income.

Should You Delay Your Social Security And Use Your 401K?

⏲ 3:33 👁 12.5M

Karlton Dennis

How to Avoid 100% of Your Income Taxes! #shorts #taxes #businessowner #smallbusiness #taxexpert

⏲ 47 seconds 👁 26.7K

The Finance Storyteller

Effective tax rate

⏲ 7 minutes 8 seconds 👁 7.3K

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