Through a series of laws, the U.S. government is ensuring taxpayer's compliance with foreign trust tax and reporting rules. The obvious application of these laws is to a U.S. citizen attempting to transfer cash or income-producing assets to an offshore trust. When dealing with foreign trusts, however, these laws can apply in circumstances where unsuspecting non-U.S. citizen taxpayers can be financially devastated by the consequences.
Trust Administration and Compliance
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Ten Minute Interview: The One Big Beautiful Bill Unpacked—Risks, Moves, and Opportunities
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With the passing of the One Big Beautiful Bill Act (the BBB), there are both risks and tax planning opportunities. In this 10-minute interview, Brian Lucareli, director of Foley Private Client Services and co-chair of the Family Offices group, sits down with Jason Kohout, partner and fellow co-chair, to discuss the BBB. During this session, Jason focused on the estate gift tax exemptions and other planning opportunities.
Staying ahead of evolving tax laws and estate planning strategies is essential for preserving family wealth across generations. This session will provide the latest updates on tax regulations, trust structures, and estate planning considerations that impact family offices and wealth advisors. Experts will share insights on how recent legislative changes may influence planning strategies, along with best practices for optimizing tax efficiency, ensuring asset protection, and facilitating smooth generational transitions.
Tennessee Trust Bill Takes Effect and Makes Important Changes to the State’s Trust Laws
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Tennessee enacted a new trust bill effective July 1, 2024 that made several key changes to Tennessee’s trust laws as well as an important change to the Tennessee general partnership statute. Another highlight includes changes to the Tennessee Revised Uniform Partnership Act, which may enable interests in a family-owned general partnership to qualify for applicable valuation discounts under federal estate and gift tax rules. This Holland & Knight alert takes a closer look at the new law’s impact on family wealth and business planning.
A Comparison of State PTC Laws
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There are various laws and issues to take into account when considering a state in which to form a Private Trust Company, including requirements around annual reporting, residency of personnel, and capital requirements. This report provides a side-by-side comparison of state PTC laws across key states: Ohio, Florida, Texas, and Tennessee.
Election years offer trigger speculation about what the tax law landscape will look like depending on what happens in November. This year is no different. William C. Sinclair, Head of U.S. Family Office Practice, and Jordan Sprechman, Head of U.S. Wealth Advisory, join us from J.P. Morgan Private Bank to discuss timely estate planning considerations and what thoughtful planners may want to do before Election Day 2024.
FOX’s annual estate planning webcast will lead participants through a thoughtful discussion of some of the most important topics and developments that were addressed at the 58th Annual Heckerling Institute on Estate Planning. Key legislative, regulatory, and case law updates impacting ultra-high net worth families and their family offices will be covered. Kim Kamin, Partner, Chief Wealth Strategist, Gresham Partners LLC Kevin Matz, Partner, ArentFox Schiff
Trusts 101: What is a Trust and How is it Created?
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Trusts are valuable tools frequently used to transfer wealth within families, preserve and protect wealth, and reduce taxes. Understanding trusts and the role of the trustee is important for the people establishing trusts and the beneficiaries of those trusts. Building on this foundation, answers are provided to some questions about trusts and trustees that a family’s younger generation of trust beneficiaries frequently ask.
Ten Minute Interview: Donoghue v. Smith
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When it comes to effectively transferring assets, the Grantor Retained Annuity Trusts (GRAT) is a popular estate planning strategy that can reduce the tax liability. In this interview, three attorneys discuss the benefits of GRAT and the securities law case, Donoghue v. Smith, involving that strategy.
Generally, parents lose access to their child’s health and financial information once the child becomes a legal adult at the age of 18 unless certain steps are taken. To this end, here is a list of seven essential legal documents for parents to complete when their children turn 18 and before they go to college or leave home for other pursuits.