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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

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Pentegis

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Griffin Milks

How To File Your Taxes For FREE Online in Canada 2023 (Max Refund) - Griffin Milks

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There’s an easy and effective way savers can minimize the damage of a retirement tax bomb. It all starts with making one simple shift in your retirement savings contributions.

Ways Retirees Can Defuse A Retirement Savings Tax Bomb

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What Is A T4 Slip In Canada?

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A workaround for the Roth IRA income restrictions enables wealthier individuals to to earn tax-free income. But how long will that back door remain open?

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Navreet Vlogs

How to create CRA account?Step by step Process explained | CRA Account for newcomers

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How To File Your Taxes For FREE Online in Canada 2023-24 Season (Max Refund) - Griffin Milks

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During a House Ways and Means Committee hearing Tuesday, Rep. Drew Ferguson (R-GA) spoke about tax credits.<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

'The Math Doesn't Add Up': Drew Ferguson Presses Janet Yellen On Biden's 'Green Energy' Tax Credits

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Griffin Milks

TOP 20 Tax Deductions & Credits in Canada! - REDUCE YOUR TAX BILL

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Zoey Siu, CA, CPA, MBA, PMP

[Free] How to file taxes in Canada in 2024 (tax year 2023)? Wealthsimple Tax step-by-step tutorial!

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