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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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Simple History
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TheFortress
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It’s Monday, April 29th, and Taylor Swift hits another record on the Billboard 200 with the release of her double album ‘The Tortured Poets Department.’ She makes a huge debut at No. 1, securing her 14th chart topping album. The Hot 100 is in, who takes the cake? Keep watching to find out. Rihanna is at it again teasing her new album and what type of tracks could potentially be on it. Jess Glynne takes us behind the photo, WILLOW stopped by the Billboard studio to share more about her upcoming album and more!
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Mitsi Studio
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The Infographics Show
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Miss G, a diving instructor at St Mathilda, rapes Fiamma while she was drunk. Afraid it would end her career, she manipulates Di Radfield to torture Fiamma to keep her quiet.
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Unnecessary Stories
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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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Tally
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