This article addresses the complex U.S. tax rules governing cross-border grant-making by private foundations.
In today's world, domestic asset protection trusts can be a useful planning tool. However, under certain circumstances can be subject to intense scrutiny. Holland+Knight defines and outlines the case for domestic asset protection trusts.
This article highlights the fact that most wealthy U.S. families customarily choose individuals rather than trust companies to serve as trustee, even for complex trusts holding very substantial assets and even though a family who can afford it now has the option of creating its own trust. The article also argues that reliance on individual trustees carries the risk that it depends on an unbroken line of succession from one 'wise' (competent, diligent) trustee to the next, with little or no transition time or cushion to adjust for unexpected events.
A discussion of pre-nuptial, post-nuptial or cohabitation agreements.
Knowledge is power, especially when seeking to build and maintain a strong financial foundation during these changing economic times. From this webcast, you will learn:the steps to solidify your estate plan (life plan);what to consider when selling/transferring your business; andhow to protect your financial future through various planning strategies, including careful designation of beneficiaries and charitable trusts.
On Monday, September 13, 2021, the House Ways and Means Committee released the text for proposed tax changes to be incorporated in a budget reconciliation bill called the Build Back Better Act. The 881-page text includes several significant changes to income and transfer taxes that could drastically change estate, gift, and individual income tax planning if made into law. The following is a brief summary of several of the most significant proposed changes.
The U.S. House Ways and Means Committee has released its draft budget reconciliation bill. While the provisions presented are subject to ongoing negotiations, some are more likely to pass than others. In this summary, some key provisions of the proposal are highlighted, including the tax rates on long-term capital gains and trusts and estates, elimination of valuation discounts for passive assets, and tax-free conversion of certain S corporations to tax partnerships.
As the fast-moving tax reform train continues to pick up speed, Travis Lucas joins host Damien Martin in boiling down the thousands of pages of recently introduced proposed legislative text. Find out what the tax proposals might mean for you, your business, and your family.
Cryptocurrencies have rapidly gained market acceptance and the U.S. government is determined to establish rules for reporting cryptocurrency transactions. In the latest proposed tax compliance rules, banks and other financial institutions would be required to report information on the cryptocurrency transactions to the IRS to detect unreported income.
The IRS is increasing its audit of large partnerships and is increasingly scrutinizing the validity and deductibility of management fee arrangements. In the case, Aspro, Inc. v. Commissioner, it offers a warning to taxpayers, including private equity and venture capital funds seeking to establish similar arrangements with their portfolio companies. But perhaps more importantly, this case provides a roadmap for taxpayers to follow when structuring and documenting these arrangements.