International Trade Administrative Agency Wills, Trusts, & Estate Planning

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An Update on Preparing Living Wills for Foreign Banking Organizations — Exemptions and Important Strategy Considerations

This analysis updates a previous memo and incorporates advice we have received from the Federal Reserve Board (“FRB”) and the Federal Deposit Insurance Corporation (“FDIC”) regarding the preparation of living wills by covered...more

Staying clear of the IRS - Tips for estate planning and tax law compliance in a global economy

Originally published in Insights Legal Affairs. Do you own a vacation home in Mexico? Have a bank account in Hong Kong? Has your spouse retained Canadian citizenship? Are you a long-term U.S. resident who was born in the...more

Questions and Answers About FATCA and Foreign Trusts

The U.S. Treasury Department recently issued proposed regulations interpreting sections of the Internal Revenue Code (the Code) commonly referred to as the Foreign Account Tax Compliance Act (FATCA). The proposed regulations,...more

Having your cake and eating it – How to retain settlor control in BVI and Cayman trust structures

The BVI and the Cayman Islands have both been long viewed as attractive and sophisticated jurisdictions for offshore trust and corporate structuring by Asian clients and their professional advisors. The generic flexibility of...more

Estate and Gift Tax Trap for Owners of Foreign Assets

The Congressional Research Service (CRS) just published an analysis of the effect of extending the “Bush”tax cuts. Included in the expiring tax cuts are estate and gift tax rate cuts. If the tax cuts are allowed to expire...more

Estate Penalized for Undisclosed Foreign Trust

In Chief Counsel Advice 201208028 (the “CCA”) the IRS provided guidance to executors and administrators of estates of decedents who died having a beneficial interest in a previously unreported foreign trust....more

Minimize Gift Tax When Transferring Money to Loved Ones in the U.S.

Q: What is the best way for my parents in China to give me money for buying a house in the United States? My parents in China are ready to transfer $20,000 to me as a gift because my boyfriend and I plan to buy a house...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

HIRE Act Affects Foreign Trusts and Imposes Additional Requirements on U.S. Persons with Foreign Accounts

On March 18, President Obama signed the Hiring Incentives to Restore Employment Act (H.R. 2847) (the “Act”), which includes several unrelated revenue raising provisions affecting foreign entities and individuals with certain...more

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