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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 👁 22.9M

Blind to Billionaire

You Only Have 8 Days to Get $1,800 of Stimulus Checks Before it's too Late

⏲ 28 minutes 40 seconds 👁 7.8K

WCNC

No, the IRS isn’t sending a fourth stimulus check

⏲ 1 minute 8 seconds 👁 18.1K

During a House Appropriations Committee hearing on Tuesday, Rep. David Joyce (R-OH) gave opening remarks about the IRS and its FY2025 budget request. <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

David Joyce Calls On Congress To Ensure IRS & Other Agencies 'Do Not Unfairly Target Americans’

⏲ 2:31 👁 1.1M

Shalae Morgan

STIMULUS CHECK UPDAT3: LAST CHANCE TO CLAIM YOUR MONEY + IRS TAX BRACKET CHANGE & NEW CRYPTO TAX LAW

⏲ 14 minutes 11 seconds 👁 20.3K

Blind to Billionaire

Breaking… IRS Confirms Automatic Checks

⏲ 8 minutes 32 seconds 👁 12K

Royel Otis is joining us for an #AudacyCheckIn to talk about their 'Glory to Glory' tour, current album + more

Audacy Check In: Royel Otis

⏲ 8:33 👁 1.3M

Blind to Billionaire

IRS Warning & Massive Refund Checks

⏲ 9 minutes 29 seconds 👁 5K

11Alive

No, the IRS is not issuing more stimulus payments

⏲ 2 minutes 3 seconds 👁 2.6K

These \

Top 10 SNL Sketches That Had Unexpected Twists

⏲ 11:50 👁 136.7M

SSA announces changes made in social security checks

⏲ 2 minutes 13 seconds 👁 62.8K

2024 Social Security benefits have changed: Read how

⏲ 1 minute 6 seconds 👁 4.7K

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