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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 👁 36.2M

John Liang

How to Climb the Chase Credit Card Ladder [2024 Guide]

⏲ 18 minutes 38 seconds 👁 85.9K

Vegas Matt

I Was Pumped To Play These High Limit Slots

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This is the shocking moment a reckless teen driver crashed into a road sign after a 115mph police chase. <br/><br/>Blayze McKane, 19, was being pursued by police in Sussex and failed to stop for officers along the A27 near Brighton on February 4.<br/><br/>The uninsured and untaxed teenager managed to reach speeds of at least 115mph before losing control of his vehicle on a slip road. <br/>

Reckless driver crashes into road sign during 115mph police chase

⏲ 0:50 👁 4.6M

FloRacing

LIVE: Kubota High Limit Racing at Tri-City Presented by Shell

⏲ 2 hours 8 minutes 30 seconds 👁 8K

Atlanta Braves

Braves vs. Mets Game Highlights (5 11 24) | MLB Highlights

⏲ 10 minutes 7 seconds 👁 28.5K

Notts Police officers had to ram his vehicle during the high-speed chase in order to get him to stop

Banned driver tried to outrun police at speeds in excess of 100mph even after his tyres were shredded by a stinger

⏲ 0:42 👁 36.2M

Packman

THE BEST RETAIL BOXES EVER?! 😱🔥 2023-24 Panini Select Basketball Target & Walmart Mega Box Review x4

⏲ 27 minutes 40 seconds 👁 19.8K

Magnified Money

Chase Bank vs. Capital One 360 | Which Account is Best?

⏲ 10 minutes 38 seconds 👁 38.1K

The family of the man who died in a tree-falling incident along Jalan Sultan Ismail in Kuala Lumpur on May 7 is eligible to receive benefits from the Social Security Organisation (Socso). Human Resources Minister Steven Sim said the victim's widow Norpahidah Mat Zaman would receive a dependent's benefit amounting to RM3,400 each month for the rest of her life.<br/><br/>Read more at https://shorturl.at/mnFH1<br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline

Family of man killed in tree-falling incident to get Socso benefits, says Sim

⏲ 1:23 👁 10.9M

Personal Finance with Leila - Debt Over It

Chase Checking Account Review | $200 Fast Cash

⏲ 11 minutes 36 seconds 👁 10.2K

Chase

How to Deposit Checks with your Phone | Chase Mobile® App

⏲ 1 minute 21 seconds 👁 51.5K

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