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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 👁 4.8M

Joe u0026 Nic's Road Trip

SYRACUSE, New York: One Of The POOREST Cities In The U.S.A.? (What We Actually Saw)

⏲ 32 minutes 46 seconds 👁 587K

CBS New York

Protesters attempt to make their way to the Met Gala through Central Park

⏲ 6 minutes 👁 8.2K

Cross country moves, skyrocketing stocks and a new fast food billionaire shake up the ranks of the states’ richest. Find out who’s in and who’s out.<br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/forbeswealthteam/2024/05/02/the-richest-person-in-every-state-2024/?sh=1ef4f48e6514<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<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/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<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<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

The Richest Billionaire In Every State 2024 | Forbes

⏲ 4:29 👁 10.7M

New York State Archives

The Thruway and the Capital District!, 1951

⏲ 13 minutes 31 seconds 👁 6.9K

THIRTEEN

Treasures of New York: The New York State Capitol

⏲ 56 minutes 47 seconds 👁 40K

Knicks Ready for Physical Showdown at the Garden | NBA 5\ 6 from new york city state capital

Knicks Ready for Physical Showdown at the Garden | NBA 5\ 6

⏲ 1:57 👁 4.6M

鳳凰衛視香港台 Phoenix Hong Kong Channel

鳳凰美洲新聞 2024年05月06日習近平與馬克龍共同會見記者

⏲ 24 minutes 25 seconds 👁 4.1K

KLT

New York State New York Counties New York State Counties

⏲ 3 minutes 24 seconds 👁 597K

Outgoing Liverpool manager Jurgen Klopp launched a lengthy and wide-ranging attack on the state of English football after claiming the Premier League is “overworked not overrated”.The Reds boss has been a long-term critic of fixture scheduling and the workloads put on players across the season, but as he prepares to leave the club at the end of the campaign he has let rip with his thoughts on the state of the game in England.His side were one of several Premier League clubs who failed to get past the quarter-final stage in European competition this season.

Klopp launches attack on state of English football and ‘overworked’ Premier League

⏲ 1:37 👁 14.3M

Brazilian President Luiz Inacio Lula da Silva and a team of government ministers and congress leaders have visited the flood zone.

Dozens killed in major flooding in Brazil's southern Rio Grande do Sul state

⏲ 1:0 👁 4M

Knicks vs. Pacers Playoff Series: Unexpected Challenges Ahead? from new york city state capital

Knicks vs. Pacers Playoff Series: Unexpected Challenges Ahead?

⏲ 1:53 👁 3.6M

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