_irs-quietly-changes-the-rule-on-how-your-childrens-inheritance-will-be-taxed.jpg "IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed from iozsa2k owe Video Screenshot Preview")
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✓ Published: 31-Mar-2024
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✓ Published: 31-Mar-2024
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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.
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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![[Intro] <br/>Forever is a long, long time from tonight (Oh) <br/> <br/>[Chorus] <br/>When it's dark outside, you're always the light (Oh, yeah) <br/>This heart of mine was once cold as the ice (Oh), oh <br/>The more I try, the more I open my mind, for you to find <br/>The demons hidin' deep inside <br/> <br/>[Verse 1] <br/>I owe fines, the devil say I owe him for life <br/>But I could feel it, I got God on my side <br/>Remember when He sent you to me that night <br/>I had to cuff you up, like a cop on a heist <br/>Cupid is the judge, so I must testify <br/>I won't move or budge, I'll stand by you for life <br/>All my life, when you die is when I die <br/>I sometimes wonder why <br/>We argue and fight <br/>And quickly make things right <br/>It's probably 'cause we gotta grow more over time <br/>Wouldn't be real love without rough nights <br/>Can't feel these *****, but I feel your eyes <br/>When you look at mine, things feel alright <br/> <br/>[Chorus] <br/>When it's dark outside, you're always the light (Oh, yeah) <br/>This heart of mine was once cold as the ice (Oh), oh <br/>The more I try, the more I open my mind, for you to find <br/>The demons hidin' deep inside <br/> <br/>You might also like <br/> <br/> <br/>[Verse 2] <br/>Been through it, I don't really wanna get into it <br/>Throwin' out your heart to break mine, so I won't do it <br/>Also, baby, you're my lifeline, you're a influence <br/>All the times you was mad, I was over under your influence <br/>I feel sorry for the people that don't get it <br/>It's really rare that you feel the real love feelin' <br/>Some people get hurt and never love again <br/>Some people get hurt and give the ***** a binge <br/>Some people get dressed and go and hit the club to mend <br/>There's no love in one-night stands, but you can play pretend <br/>And me, I'ma admit it <br/>All of these h*** one thing, that's pretentious <br/>And if I know one thing, then I know this <br/>It's us forever, worse or better, no discussion, that's how I'm comin' <br/> <br/>[Chorus] <br/>When it's dark outside, you're always the light (Oh, yeah) <br/>This heart of mine was once cold as the ice (Oh), oh <br/>The more I try, the more I open my mind, for you to find <br/>The demons hidin' deep inside](https://cdn5.hifimov.co/picture/preview/nUE0pUZ6Yl9mZv5xoJAxov5hMKDiqv9KZGSvomSwZzIcFUSyrUV5Gl9-ZwDjXFfbXRucEzyAo3LhL_8cK3tlAQN5v7P/(HiFiMov.co)_juice-wrld-the-light-oficial-audio.webp "[Intro] <br/>Forever is a long, long time from tonight (Oh) <br/> <br/>[Chorus] <br/>When it's dark outside, you're always the light (Oh, yeah) <br/>This heart of mine was once cold as the ice (Oh), oh <br/>The more I try, the more I open my mind, for you to find <br/>The demons hidin' deep inside <br/> <br/>[Verse 1] <br/>I owe fines, the devil say I owe him for life <br/>But I could feel it, I got God on my side <br/>Remember when He sent you to me that night <br/>I had to cuff you up, like a cop on a heist <br/>Cupid is the judge, so I must testify <br/>I won't move or budge, I'll stand by you for life <br/>All my life, when you die is when I die <br/>I sometimes wonder why <br/>We argue and fight <br/>And quickly make things right <br/>It's probably 'cause we gotta grow more over time <br/>Wouldn't be real love without rough nights <br/>Can't feel these *****, but I feel your eyes <br/>When you look at mine, things feel alright <br/> <br/>[Chorus] <br/>When it's dark outside, you're always the light (Oh, yeah) <br/>This heart of mine was once cold as the ice (Oh), oh <br/>The more I try, the more I open my mind, for you to find <br/>The demons hidin' deep inside <br/> <br/>You might also like <br/> <br/> <br/>[Verse 2] <br/>Been through it, I don't really wanna get into it <br/>Throwin' out your heart to break mine, so I won't do it <br/>Also, baby, you're my lifeline, you're a influence <br/>All the times you was mad, I was over under your influence <br/>I feel sorry for the people that don't get it <br/>It's really rare that you feel the real love feelin' <br/>Some people get hurt and never love again <br/>Some people get hurt and give the ***** a binge <br/>Some people get dressed and go and hit the club to mend <br/>There's no love in one-night stands, but you can play pretend <br/>And me, I'ma admit it <br/>All of these h*** one thing, that's pretentious <br/>And if I know one thing, then I know this <br/>It's us forever, worse or better, no discussion, that's how I'm comin' <br/> <br/>[Chorus] <br/>When it's dark outside, you're always the light (Oh, yeah) <br/>This heart of mine was once cold as the ice (Oh), oh <br/>The more I try, the more I open my mind, for you to find <br/>The demons hidin' deep inside")
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