Until recently, the IRS has said little (if anything) regarding whether assets the beneficiary of an irrevocable trust receives get a step up in basis following the Grantor’s death. With issuance of Revenue Ruling 2023-2, that has changed. The IRS has spoken. In RR 2023-2, the IRS posed the following hypothetical which I’ve edited slightly: […]
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- Home purchased after nursing home admission was not an exempt homeplace
- Preliminary injunction granted barring state from terminating QI Medicaid
- Promise of life estate, based on oral promise, could be enforced
- SSI Decisions finding no penalty where beneficiary over 65 funds a pooled trust sub-account
- Example of Georgia Medicaid Lien Inquiry
