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Is a Hungarian trust a clone of the Anglo-American trust, or just a type of contract?: Parsing the asset-management provisions of...

On March 15, 2014, the Hungarian Parliament enacted into law the New Hungarian Civil Code (NHCC). The NHCC creates out of whole cloth a civil law fiduciary asset-management vehicle (FAM) that in form and function bears some...more

Tax Policy Update

NUMBER OF THE WEEK: 6.5 percent. The tax rate at which companies could voluntarily repatriate their foreign earnings under the Invest in Transportation Act of 2015 (S. 981). Senators Barbara Boxer (D-CA) and Rand Paul (R-KY)...more

Family Law: Corporate and Trust Challenges to Service of Process and Jurisdiction (Updated)

The president of a corporation, manager of a limited liability company, trustee of a family trust, or principal of another business entity receives a summons in a Florida divorce case. One spouse contends the other’s control,...more

Estate of Turco: Is There Clawback For Insufficient Estate Tax Funds?

Estate of Turco: Is There Clawback For Insufficient Estate Tax Funds? by James F. McDonough, Jr. on August 15, 2013 The lack of liquidity is a serious problem in the administration of an Estate, especially for a...more

Six U.S. States Involved in Norwegian Tax Evasion Case

Six U.S. States Involved in Norwegian Tax Evasion Case by Frank L. Brunetti on August 12, 2013 In another example of international cooperation to quell Norwegian tax evasion, a quiet investigation is expected to reveal...more

CFTC Issues Final Guidance and Accompanying Exemptive Order on Cross-Border Application of Certain Swap Regulations

At a public meeting on July 12, 2013, the Commodity Futures Trading Commission (CFTC or Commission) adopted final guidance on how Dodd-Frank Act requirements will apply to cross-border swap activities (Guidance). In...more

Offshore Professional Risks - June 2013

Sedgwick’s Offshore Professional Risks practice offers a unique and global perspective on professional risk. As the only law firm in the world with offices in the key insurance jurisdictions of Bermuda, London and the U.S.,...more

Considerations For International Clients Who Intend to Buy A Home In the U.S.

International buyers invested $82.5 billion in U.S. residential real estate (4.8% of total U.S. sales) according to the most recent survey conducted by the National Association of Realtors for the 12 month period ending with...more

Personal Use Of Corporate Property In A USRPI Holding Company Structure

To insulate the ultimate individual owners from U.S. estate taxes, nonresident aliens often hold U.S. real property in a U.S. corporation, which corporation is owned by a foreign corporation. The foreign corporation is owned...more

Why the Classic Legal Terminology of the Anglo-American Trust is in French, Not English: The “Law French” Phenomenon

The institution of the trust, a creature of the English Court of Equity, evolved deep in the bosom of the Anglo-American legal tradition. France, a civil jurisdiction, lacks a legal institution that is truly comparable. Her...more

Rappelling Down the Fiscal Cliff – Strategies for Cushioning the Fall – Part II

A. Overview - Part I of this series focused on the impact of impending tax increases following the Presidential Election for corporate executives and salaried professionals. Part II of the series will focus on...more

The Anglo-American Trust is Powerful and Nimble, but not a Magician

The great English legal scholar, Frederic William Maitland (1850-1906), saw the trust as “an ‘institute’ of great elasticity and generality; as elastic, as general as contract.” It is hard to disagree. Most mutual funds are...more

Minimize Estate Tax on Foreign Assets

A recent U.S. Tax Court case provides a road map to minimize estate tax liability. In Wandry v. Commissioner the Tax Court held that a gift of an interest in a closely held business that was defined by dollar amount rather...more

Doing Transactions in Mexico - Conducting Due Diligence

Conducting due diligence is a key aspect of any transaction, international or otherwise. Attorneys working on transactions conducted in Mexico or that involve Mexican entities ought to be aware of registration and...more

Tax Traps of Passive Foreign Investments (Reporting the Family Business)

Many taxpayer’s have interests in offshore business that they acquired through inheritance or gift. Often these interests are purely passive, in that the U.S. taxpayer does not take an active role in management but instead...more

Designation of Systemically Important Financial Institutions, Living Wills and Enhanced Prudential Regulation One Year Later: A...

Congress passed the Dodd-Frank Act one year ago to reduce or eliminate the risks that led to the financial crisis. Today, there is growing concern that the laser-like focus on risk reduction was not properly balanced by an...more

High Net Worth Family Tax Report - April 2011

CONTENTS - Vol. 6 No. 1 Foreign Bank Account Reporting Update – Final FBAR Regulations and New 2011 Offshore Account Voluntary Disclosure Program . . . . . . 1 New Foreign Reporting under the Foreign Account Tax...more

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