Tax General Business Wills, Trusts, & Estate Planning

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Guide To Doing Business in Australia: Taxation (Updated)

TAXATION - It is not possible to give a complete outline of the scope of the taxation system in this guide. A brief outline of the basic taxation principles and some of the major forms of taxation are discussed...more

Trust Matters Update - May 2015

The Trust Matters Update is a periodical summary of cases, case comments, consultations, publications, legislative developments, legal updates, articles and news in the area of trust law and related issues. 1. Can...more

Benefits of an Irrevocable Life Insurance Trust as Security for Support

Divorce or separation agreements often require one spouse to maintain life insurance as security for their support obligation. Attorneys often do not address the tax implications if the insured spouse owns the policy. ...more

Tax Policy Update

NUMBER OF THE WEEK: $1.4 Trillion. The estimated total of individual income taxes the Internal Revenue Service is expecting to collect on April 15. The U.S. House of Representatives has returned from recess and is planning to...more

Irrevocable Life Insurance Trusts - Tax and Nontax Advantages

Creating an Irrevocable Life Insurance Trust (ILIT) can dramatically increase the liquidity of an individual’s estate and effectively leverage the value of the annual $14,000 per donee gift tax exclusion and the $5,430,000...more

In California We Trust: A Sensible Expansion Of The Voluntary Disclosure Program

Trusts administered outside California often are susceptible to not filing California income tax returns. This is because California has an atypical legal threshold for filing: trusts must file if a trustee or beneficiary...more

Maine Governor Proposes Major State Tax Restructuring

Maine Governor Paul LePage has proposed a major restructuring of Maine’s tax system as part of his FY 2016-2017 budget submission. Generally, the governor’s proposal decreases the state’s reliance on income tax revenue and...more

High Net Worth Family Tax Report, Vol. 9, No. 3

In This Issue: - Tax planning strategies to consider before the end of the year - The IRS announces inflation-adjusted amounts for 2015 - Case update: Taxpayer’s deduction for interest capitalized in loan...more

Brent Kern Family Trust: FCA Dismisses Appeal

In Brent Kern Family Trust v. The Queen (2014 FCA 230), the Federal Court of Appeal dismissed the taxpayer’s appeal with reasons delivered from the bench. The taxpayer had argued that the decision of Canada v. Sommerer (2012...more

La Tassazione Del Trust Non Commerciale Alla Luce Del Disegno Di Legge Di Stabilità 2015.

L’art. 44 del Disegno di Legge di Stabilità 2015 introduce una modifica al regime di tassazione dei dividendi percepiti dagli enti non commerciali, diminuendo notevolmente la quota esclusa da tassazione. La modifica, se...more

California (Finally) Conforms to Federal Treatment of UBTI in Charitable Remainder Trusts

One of the most important tax attributes of charitable remainder trusts is that they are exempt from income tax – except, that is, when it comes to unrelated business taxable income (UBTI) of these trusts. For decades the...more

Whose Mistake? Ontario Sup. Ct. Rectifies Trust Deed

Most tax rectification cases address situations in which a professional advisor has made a mistake in the planning and execution of a transaction with the result that an unintended tax consequence follows (i.e., payment of a...more

Hidden Gift in Merger Transaction

Disguised gifts found in a merger transaction, along with an interesting story on how the gifts came about. Most tax practitioners are trained to look behind the transfers occurring in family corporate transactions to...more

High Net Worth Family Tax Report, Vol. 9, No. 2

What You Need to Know About Corporate Inversions - It seems like every day brings news of another possible corporate inversion transaction. The news reports usually describe these transactions as another United States...more

2015 Predicted Inflation Adjusted Tax Items

The following are some of the more salient tax items adjusted unofficially for inflation by Research Institute of America. While unofficial they represent a very good estimate of predicted adjusted items for 2015. This list...more

"U.S. Estate Tax Returns"

US estate tax return filing requirements surprise many Canadian executors. Often, the executor is in the throes of administering the estate when the lawyer or accountant sees a brokerage account statement and notices that the...more

The Waters of March -The Benefits of Owning Life Insurance within a Cascading Charitable Lead Annuity Trusts (CLATs)

...I recall hearing Bossa Nova as a ten year old at my neighbor’s house in the Panama Canal Zone – Sergio Mendes and Brazil 66. The Waters of March is one of many great songs written by Antonio Carlos Jobim and sung by Elis...more

T&E Litigation Newsletter - September 2014 #1

In United States of America v. Estate of Robert Reitano, Civil Action No. 12-11944-RWZ, 2014 U.S. Dist. LEXIS 123200 (D. Mass. Sept. 4, 2014), the federal district court issued a warning shot to estate fiduciaries who fail to...more

Personal Goodwill Of Employee Reduces Estate Tax Value Of Corporate Stock

The question of “personal goodwill” often comes up in sales of corporate assets. When a business is sold, the shareholder will often seek to sell his or her “personal goodwill” in the business separately from the...more

Give unto Caesar (but not a Dollar More!)-The Benefits and Planning Dexterity of the Charitable Lead Annuity Trust

Overview - I have to admit that I was a pretty good high school Latin student. In fact it may have been my best subject. When I got to West Point, I was in for very rude awakening. Not only did I realize too late that...more

Charitable Planning with S Corporation Stock—Making It Work

Since 1998, charities have been able to own S corporation stock (“S stock”). However, the ownership of S stock by an exempt organization may result in either an unexpected tax burden or a liability rather than an asset for...more

McNees Insights: Estate Planning - Summer 2014

In This Issue: - Transitioning The Family Business to the Next Generation - Charitable Trusts and Estate Planning - Recent Tax Developments - Excerpt from Transitioning The Family Business to the...more

For Love or Charity – A Charitable Bailout Using Charitable Remainder Trusts for the Sale of a C Corporation

I have personally observed in my professional travels that many taxpayers are reluctant charitable donors. However, we you remind a business owner that they only have three choices when it comes to taxes (1) Pay yourself;...more

Swimming in the Deep End – The Surprising Utility of Pooled Income Funds for High Net Worth Tax Planning

Overview - The old cliché about Charity is that “Charity begins at home.” The federal government has always recognized the social benefit of providing tax incentives for individual and corporate taxpayers in order to...more

RMD Rules for Longevity Annuities Finalized

Longevity annuities are contracts that provide life annuity payments typically commencing at age 80 or 85; in many (but not all) cases, that is the only benefit the contract provides. As such, these contracts may offer...more

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