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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 👁 26.2M

Michael Ruger - Greenbush Financial Group

Paying Tax On Inheritance

⏲ 10 minutes 59 seconds 👁 34.4K

Which?

What is inheritance tax (IHT)? - A Which? guide

⏲ 2 minutes 4 seconds 👁 18.9K

Shakira may be innocent of the tax fraud charges against her, as Spanish prosecutors are now asking a second investigation into the star be dropped.

Shakira’s Second Tax Fraud Probe Dropped

⏲ 1:4 👁 3.5M

Yahoo Finance

Taxes and inheritance: Information for taxpayers about changes in inheritance tax law

⏲ 4 minutes 49 seconds 👁 3.7K

A Wiser Retirement™

Does inheritance count as income? | Inheritance Tax, Estate Income Tax, Inherited IRA

⏲ 5 minutes 29 seconds 👁 3.9K

Use our guide to decide which assets belong in a taxable account and which go into a tax-advantaged account.

What Is A Taxable Or Tax-Deferred Account?

⏲ 1:59 👁 15.8M

Ramsey Everyday Millionaires

How Do I Leave An Inheritance That Won't Be Taxed?

⏲ 3 minutes 17 seconds 👁 36.2K

Sell My San Antonio House

Do I Have To Pay Capital Gains Tax On An Inherited Property?

⏲ 3 minutes 24 seconds 👁 17.3K

During a House Appropriations Committee hearing on Tuesday, Rep. Mark Amodei (R-NV) questioned Internal Revenue Service Commissioner Danny Werfel about their tax collections and technology innovations.<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com

‘Are Dollars Up The Last Couple Cycles?’: Mark Amodei Presses IRS Chief On Tax Collections

⏲ 5:48 👁 1.1M

The Ramsey Show Highlights

Got 1 million inheritance from father

⏲ 9 minutes 5 seconds 👁 339.6K

Jazz Wealth Managers

The IRS Changed Inherited IRA Rules (Do Not Mess This Up)

⏲ 5 minutes 43 seconds 👁 10.2K

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