How to Meet the IRS Definition of a Dependent from definition of dependents for irs Watch Video

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Meet the 22-year-old who put her legal career on hold to raise her two siblings as well as her own baby - after her mother's sudden death.<br/><br/>Nicole-Jade Campbell had her world tipped upside down after her mum, Tammy Campbell, suddenly died at just 42.<br/><br/>But she immediately stepped up to care for her teenagers brothers Rocky and Leo Price, 16 and 14 - despite being a mum to her five-month-old daughter.<br/><br/>She took them in with her partner, Daniel Ambrus, 30, a security guard, at their home in Skegness, Lincolnshire.<br/><br/>She has even put a halt on pursuing a career in law to focus on providing for her family. <br/><br/>Nicole, a customer assistant, said: \
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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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