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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 👁 13.6M

Timothy Smith

Buying a Condo in Atlantis Resort | Paradise Island, Bahamas - Life of Tim Ep. 017

⏲ 7 minutes 32 seconds 👁 4.4K

Forbes

Inside An $8M Luxury Beach Home On Paradise Island In The Bahamas | Real Estate | Forbes

⏲ 2 minutes 12 seconds 👁 2.2K

Tráiler de Indiana Jones and the Fate of Atlantis from atlantis bahamas real estate for sale

Tráiler de Indiana Jones and the Fate of Atlantis

⏲ 0:37 👁 55M

Sotheby's International Realty

Unparalleled Oceanfront Estate in Paradise Island, Bahamas | Sotheby's International Realty

⏲ 3 minutes 18 seconds 👁 37.6K

Better Homes and Gardens Real Estate MCR Bahamas

The Reef at Atlantis | Bahamas Real Estate

⏲ 1 minute 8 seconds 👁 491

Europe is the hottest market for swapping property for cryptocurrencies, according to the founders of asset-backed cryptocurrency Unicoin.

Buying a piece of an island: How crypto could change property deals

⏲ 5:35 👁 4.1M

HG Christie

The Reef at Atlantis | HG Christie - Bahamas Real Estate

⏲ 1 minute 9 seconds 👁 319

Travel SzN

Atlantis Bahamas, Paradise Island:Resort Info + Amenities,Waterpark Info, Pros Cons!

⏲ 24 minutes 23 seconds 👁 56.3K

New homes built in the middle of a housing estate have angered residents who claim developers have built them in the wrong place and 1.8m higher than planned.

Lydbrook Close resident asks 'who's telling the truth?' following years of planning permission confusion

⏲ 0:48 👁 37.9M

HG Christie

La Ceiba, Ocean Club Estates, Paradise Island | HG Christie - Bahamas Real Estate

⏲ 3 minutes 6 seconds 👁 9.5K

Concierge Auctions

Paradise West Beach Villa #3 | Paradise Island, Nassau, Bahamas

⏲ 3 minutes 27 seconds 👁 6.6K

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