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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.
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Visitors flocked to a15th century former school building in Wainfleet for the grand reopeningafter substantial refurbishment over 10 weeks. The Magdalen College School in St John Street had been closed for a year after structural concerns were raised by the trustees who run it.
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A Holywood-based global PR & creative agency has been recognised in three categories within PR Week’s Top 150 rankings.<br/><br/>Smarts was named the largest agency outside of London, 30th largest agency in the UK overall, and the fourth largest consumer agency.<br/><br/>These significant milestones are reflective of a decade of growth for Smarts, reporting a total revenue of £16m in 2024. The agency now employs close to 200 people across its five offices in Glasgow, London, Amsterdam, New York and Holywood.<br/><br/>Offering a comprehensive range of communication services – including design, content, influencer marketing, media relations, and employee engagement – Smarts has made substantial investments exceeding £2 million in content production, digital infrastructure, and influencer capabilities since 2020.<br/><br/>Recent highlights include working with US actor Tina Fey on Booking.com’s 2024 Super Bowl ad, building Zalando’s Style Creator Programme of 400+ micro-influencers to drive growth for the fashion brand’s Instagram and TikTok following – and expanding into mainland Europe with a new office in Amsterdam, with European campaigns in the past year including an experiential engagement programme to showcase Booking.com’s new Amsterdam HQ to more than 6,000 employees.<br/><br/>This expansion aligned with Smarts' strategic growth plan, positioning the agency as a global leader in culture-driven, consumer-focused communications.
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