_irs-quietly-changes-the-rule-on-how-your-childrens-inheritance-will-be-taxed.jpg "IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed from irs 1042 s form Video Screenshot Preview")
GalleryPlay Video:
(Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
⏲ Duration: 1:29
👁 View: 3.5M times
✓ Published: 12-May-2024
👁 View: 3.5M times
✓ Published: 12-May-2024
Description:
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.
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.
Share with your friends:
Whatsapp | Viber | Telegram | Line | SMS
Email | Twitter | Reddit | Tumblr | Pinterest
Related Videos
_how-to-complete-irs-form-1042-s-for-payments-to-nonresidents.webp "Jason D. Knott")
_irs-quietly-changes-the-rule-on-how-your-childrens-inheritance-will-be-taxed.webp "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.")
_what-is-form-1042-s.webp "TaxBandits")
_what-to-do-with-the-1042s-form-you-have-received.webp "Juan Born - Income and Freedom - KDP Publishing")
_forms-1042-and-1042-s-what-you-need-to-know-before-filing.webp "Moss Adams")
_received-email-with-1042s-form-do-this-2024-for-non-us-residents.webp "Juan Born - Income and Freedom - KDP Publishing")
_uaap-player-of-the-game-highlights-alyssa-solomon-returns-to-fine-form-in-nu39s-game-1-win.webp "Alyssa Solomon put her Final Four struggles behind her, taking charge for the NU Lady Bulldogs in Game 1 of the UAAP Season 86 Finals against UST.")
⏲ 4:46 👁 1.6M
_twitch-amp-youtube-forms-1042-s-1099s-w-8s.webp "Jason D. Knott")
_how-to-complete-irs-form-1042-s-for-payments-to-nonresidents.jpg)
_irs-quietly-changes-the-rule-on-how-your-childrens-inheritance-will-be-taxed.jpg)
_what-is-form-1042-s.jpg)
_what-to-do-with-the-1042s-form-you-have-received.jpg)
_forms-1042-and-1042-s-what-you-need-to-know-before-filing.jpg)
_received-email-with-1042s-form-do-this-2024-for-non-us-residents.jpg)
_uaap-player-of-the-game-highlights-alyssa-solomon-returns-to-fine-form-in-nu39s-game-1-win.jpg)
_twitch-amp-youtube-forms-1042-s-1099s-w-8s.jpg)
![[+]](/images/menu.gif){kind=small}