Tax Law, Business Organization, Wills, Trusts, & Estate Planning

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

by Loeb & Loeb LLP on 5/18/2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...more

Foreign Account Tax Compliance Act (FATCA) Registration

by Darren Mills | Berkeley Research Group, LLC on 5/6/2013

Beginning on December 31, 2013, the qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trusts (WT) will be subject to the requirements of a foreign financial institution (FFI). As a...more

Planning For The Affordable Care Act's Net Investment Income Tax

by Arianne Plasencia | Carlton Fields on 5/3/2013

The new Internal Revenue Code ("IRC") Section 1411, which imposes a 3.8 percent tax on net investment income ("NII") was passed as part of the Affordable Care Act of 2010 ("ACA") and is effective for tax years beginning on or...more

Sweeping Maine Tax Reform Proposal Announced

by Sarah Beard, Jonathan Block, Kris Eimicke | Pierce Atwood LLP on 5/3/2013

A bipartisan group of 11 legislators have proposed an overhaul of Maine’s tax system, including major changes to the individual and corporate income tax, property tax, sales tax, and estate tax. ...more

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

by Amy McEvoy | Sheppard Mullin Richter & Hampton LLP on 4/23/2013

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

Taxpayers Wait Too Long For Assignment

by Charles (Chuck) Rubin on 4/11/2013

If a taxpayer owns appreciated property and transferors it to another, and that successor owner sells the property, the gain from the sale is reportable by the successor owner, not the donor. However, if the gift occurs too...more

Personal Planning Can Help Private Equity Pros Save on Taxes

by Bradley Van Buren | Holland & Knight LLP on 4/10/2013

When private equity or venture capital fund principals and managing partners look to roll out a new fund, in addition to reconciling general fund formation issues, they should consider the personal-planning opportunities...more

Maximizing The Value Of Your Business For Your Heirs

by Pepper Hamilton LLP on 4/8/2013

One of the most difficult issues facing the owner of any successful business is how the business, or the personal wealth that it represents, can be preserved for the benefit of his or her family after death. While it is...more

Personal Use Of Corporate Property In A USRPI Holding Company Structure

by Charles (Chuck) Rubin on 4/1/2013

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

Union Friendly - Using Collectively Bargained Benefit Plans to Maximize Employee Benefit Plan Contributions for Closely Held...

by Gerald Nowotny on 2/18/2013

Overview - Part I and Part II have focused on the tax planning possibilities of small business owners and owners of professional corporations utilizing an exemption for collectively bargained plans. This exemption allows...more

Did The Tax Court Err In Kite?

by Charles (Chuck) Rubin on 2/18/2013

Code Section 2519 is a notoriously difficult section to apply. In 2009, I wrote on article on it for Estate Planning, and ever since I’ve been providing a lot of assistance to others on its operation. So I am always...more

Wills, Trusts and Estates Newsletter - February 2013

by Lauren K. Keenan, Jonathan Kinney, Lori Murphy | Bean, Kinney & Korman, PC on 2/11/2013

In This Issue: - How to Protect Your Assets as a Business Owner - Separated But Not Divorced: Don’t Wait to Update Your Estate Plan - Tales from the Cliff: Estate Planning Policy for 2013 and Beyond -...more

“Fiscal Cliff” Tax Bill: The Highlights

by Ronald Adams on 1/22/2013

While the new law is projected to raise taxes by about $600 billion in the next 10 years, it offers some comfort for many taxpayers who may have been preparing for the worst ...more

UK property tax changes: “de-enveloping” or a use of a trust?

by Henry Mander, Colin Riegels | Harney Westwood & Riegels on 1/21/2013

It has long been popular for high net-worth people who are not domiciled in the United Kingdom (“non-doms”) to form an offshore company, often in the British Virgin Islands (“BVI”), for the purposes of holding property in the...more

The American Taxpayer Relief Act of 2012: Some Tax Certainty in an Uncertain World

by Baker, Donelson, Bearman, Caldwell &... on 1/10/2013

On January 1, 2013, Congress averted the fiscal cliff with the passage of the American Taxpayer Relief Act of 2012 (Act), which was enacted when President Obama signed the Act on January 2, 2013. The Act provides a welcome...more

Why Architecture And Engineering Firms Make Great ESOP Candidates

by David Solomon | Levenfeld Pearlstein on 1/8/2013

Originally published in SRR, on October 1, 2011. Government statistics estimate that approximately every eight seconds another individual born during the baby-boomer generation passes the age of 55 – one step closer to...more

Fiscal Cliff Deferred As Congress Finally Acts

by Loeb & Loeb LLP on 1/5/2013

The fiscal cliff has been avoided temporarily as the Congress has passed H.R. 8, the "American Taxpayer Relief Act of 2012" (the "Act"). The Senate passed the Act in the early morning hours of January 1, 2013, by a vote of...more

Fiscal Cliff Averted: Estate, Gift And GST Tax Changes

by Marshal Grant, Marianna Putnam Liddell, Jana Magnuson, Wilfred "Jack" Sanders, Jr., Barbara Wheaton, Warren Winslow, Jr., Cynthia Worthen | Pierce Atwood LLP on 1/5/2013

The country was heading for a “fiscal cliff” as the Bush-era tax cuts were scheduled to expire on January 1, 2013. But the U.S. Senate and House of Representatives voted in the final hours to make those tax cuts permanent...more

President Obama Signs "Fiscal Cliff" Legislation into Law

by Edward Beckwith, John Lehrer II, Michael Nydegger, Jeffrey Paravano, Edward Ptaszek, Jr., Paul Schmidt, Christopher Swift, William J. Weber | BakerHostetler on 1/4/2013

As you likely have heard, the President signed the American Taxpayer Relief Act (H.R. 8) (the "Act") on January 2, 2013. The Act, popularly known as the "fiscal cliff" legislation, permanently extends the Bush era tax cuts...more

The Family Investment Company - An Integrated Income and Estate Tax Planning Tool

by Gerald Nowotny on 12/17/2012

Overview - As we approach the edge of the fiscal cliff over the last two weeks of 2012, some of you may be wondering if there is any last minute tax planning that might be done to avoid sending a large check to Uncle...more

Be prepared for a “triggering” event: If you own interests in a closely held business, consider a buy-sell agreement

by Adler Pollock & Sheehan P.C. on 12/3/2012

A buy-sell agreement provides for the disposition of each owner’s business interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. However, to be...more

Preparing for the 3.8% Medicare Surtax on Net Investment Income

by Neal A. Hudders, Mel Wheaton | Perkins Coie on 11/14/2012

The Patient Protection and Affordable Care Act of 2010 (Affordable Care Act) institutes a new 3.8 percent Medicare surtax on net investment income effective January 1, 2013. In addition, absent congressional action to extend...more

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

by Gerald Nowotny on 11/14/2012

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

Struggling to Meet Business Costs? Don’t Neglect Payroll Taxes

by Joseph Donegan on 11/14/2012

Struggling to Meet Business Costs? Don’t Neglect Payroll Taxes by Joseph M. Donegan on November 14, 2012 Many of the nation's small businesses have been adversely impacted by the economic downturn. When revenues start...more

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

by Gerald Nowotny on 11/9/2012

Ready, set, go! Following the Presidential election last night, the race is on for year-end tax planning and bracing for the fall off the fiscal cliff. While no one can tell exactly what the tax outcome will be after...more

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Tax Law › Business Organization › Wills, Trusts, & Estate Planning