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EA Tax Resolutions

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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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The first victims of the infected blood scandal will receive their final compensation payment before the end of the year, minister John Glen has said. In a statement delivered to the House of Commons, Mr Glen said the payments would be exempt from income, capital gains, and inheritance tax. <br/> Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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A critical bank statement could determine the outcome of Donald Trump's hush-money trial. Michael Cohen's testimony and a crucial document take center stage in the legal battle over a 2016 payment.
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