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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 👁 15.6M

Raquel Toussaint

South Carolina State Income Tax Form

⏲ 10 minutes 58 seconds 👁 2.6K

News 19 WLTX

SC Department of Revenue begins issuing Individual Income Tax rebate checks

⏲ 35 seconds 👁 2.3K

John Swinney acceptance speech<br/><br/>What are the key challenges facing John Swinney as First Minister and SNP leader?<br/>Mr Swinney was confirmed as the new leader of the SNP on Monday<br/><br/>John Swinney will not have his troubles to seek. The new SNP leader, who will become Scotland’s seventh first minister this week, inherits a number of problems both in his party and in the country at large. He will be all too aware of the difficulties ahead.<br/><br/>His predecessor, Humza Yousaf, never really managed to get on the front foot. Within days of him taking office last year, the police investigation into the SNP’s funding and finances exploded into the headlines. It has haunted the party ever since.<br/><br/>Mr Swinney will seek to heal internal divisions and boost his party’s fortunes in the polls ahead of an expected general election later this year. He has also emphasised the importance of economic growth. So what are the key challenges he faces?<br/><br/>A clear vision<br/>Mr Swinney will want to set out a clear strategic direction for his party. This is something his predecessor arguably struggled to do. Mr Yousaf hiked income tax for higher earners at the same time as freezing council tax, which some saw as sending a muddled message.<br/><br/>“Is this a guy who has demonstrated clear strategic direction?\

John Swinney acceptance speech

⏲ 11:21 👁 19.8M

Living in Greenville, SC

The SHOCKING Truth About South Carolina Taxes

⏲ 7 minutes 34 seconds 👁 968

Ted Thomas

Is South Carolina A Tax Deed State?

⏲ 14 minutes 9 seconds 👁 3.8K

Use our guide to decide which assets belong in a taxable account and which go into a tax-advantaged account.

What Is A Taxable Or Tax-Deferred Account?

⏲ 1:59 👁 11.1M

Lowcountry Lifestyles

RETIRING IN SOUTH CAROLINA 2023 | South Carolina Financial Options | South Carolina Real Estate

⏲ 13 minutes 14 seconds 👁 2.7K

The Lowcountry

Retiring in South Carolina -The top 10 benefits you need to know!

⏲ 7 minutes 40 seconds 👁 84.2K

Shakira had been invited to the Met Gala \

Shakira had been invited to the Met Gala 'many times' but had to always turn it down

⏲ 1:1 👁 3M

Jerry Pinkas

SOUTH CAROLINA'S Top 3 BEST PLACES To Move To In SC in 2024!

⏲ 8 minutes 29 seconds 👁 73.8K

Car Questions Answered

FORD Just Signaled The Car Market IS COLLAPSING!

⏲ 14 minutes 58 seconds 👁 197.8K

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