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IPFS News Link • TAXES: Federal

IRS quietly changes rule on how your children's inheritance is taxed-

• https://www.dailymail.co.uk By TILLY ARMSTRONG

The agency has curbed the tax break on a particular kind of trust that is often used to minimize capital gains taxes

In the last decade, more families have begun utilizing 'irrevocable' trusts and the ruling will impact estate planning 

Americans have turned to irrevocable trusts to protect their assets from spend-down in order to qualify for Medicaid

The IRS has quietly changed the rules around taxes on inheritances, putting Americans in danger of being caught out if they try to transfer assets to their children. 

The agency has curbed the tax break on a particular kind of trust often used to minimize estate taxes.

In the last decade, more families have begun utilizing 'irrevocable' trusts - that allow Americans to protect their assets and avoid a lengthy probate process when a relative dies.


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