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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 👁 7.4M

Finance u0026 Crypto Guide

How to Login Personal Tax Account on UK Gov Website? Sign in to Personal Tax Account on UK Gov 2024

⏲ 1 minute 17 seconds 👁 5

Login Helps - How to Tutorial

How to Login HMRC Account? HMRC Login Personal Tax Account UK

⏲ 1 minute 30 seconds 👁 2.9K

Carvana shares soared over 30% in after-hours trading after reporting first-quarter revenue of more than a billion, beating analyst estimates. The company forecast a sequential rise in adjusted core profit and retail unit sales growth, surprising analysts who expected a sales decline. Adjusted earnings before interest, tax, depreciation, and amortization were more than $200 million, exceeding estimates. Carvana's inventory of unsold used vehicles on dealer lots rose 9% from a year ago. High interest rates have pushed some consumers to the used car market for better deals than new vehicles.

Carvana Reports Stellar Q1 Results, as High Interest Rates Push Buyers to the Used Car Market. Shares Soar 30%.

⏲ 0:35 👁 5.1M

Ibrahim Allahwala UK

HMRC - Personal Tax Account UK Creation international studentStep by Step On Provisional licence

⏲ 15 minutes 34 seconds 👁 12.4K

Cab Accounting

How To Create A Personal Tax Account With Government Gateway

⏲ 6 minutes 51 seconds 👁 17.1K

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

⏲ 3:0 👁 3.6M

Offshore Citizen

Breaking News: Big Tax Changes in the UK

⏲ 15 minutes 3 seconds 👁 9.8K

Simon Misiewicz US u0026 UK Taxes

UK Self Assessment Tax Return - A Step-by-Step Guide

⏲ 3 minutes 32 seconds 👁 41.9K

Gov. Ron DeSantis (R-FL) signs bills to combat the reach of policies championed by \

BREAKING NEWS: DeSantis Signs Hardline Legislation To Combat The Aims & Policies Of 'Global Elites'

⏲ 1:3:43 👁 3M

Tax2u Limited

How to avoid HMRC self assessment tax investigations -AVOID THESE MISTAKES!

⏲ 15 minutes 37 seconds 👁 152.1K

Pawan Fitness Journey

How To File Corporation Tax Return Online UK (EASIEST WAY)

⏲ 4 minutes 9 seconds 👁 2.4K

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