Tax Law, Commercial Law & Contracts, 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

Tales from the Crypt -- Post-Mortem Planning Using Private Placement Insurance Products

by Gerald Nowotny on 5/9/2013

Overview - This article discusses the use of private placement products - private placement deferred variable annuities (PPVA) and private placement life insurance (PPLI)- in post mortem income tax and transfer tax...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

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

Grandfathered Buy-Sell Agreements

by Charles (Chuck) Rubin on 4/8/2013

Code §2703 severely restricts the ability of a buy-sell agreement to control estate tax values in a closely held entity. A recent private letter ruling reminds us that older agreements are not subject to Code §2703....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

Tax Communiqué: Highlights from the Budget 2013

by Heenan Blaikie LLP on 3/22/2013

Budget 2013 was tabled on March 21, 2013. Heenan Blaikie’s National Tax Group has prepared the following overview of some of the more significant tax-related measures....more

The Family Loan Shark - Leveraging the AFR in the Taxpayer’s Favor Intra-Family Loans and Private Placement Insurance Products –...

by Gerald Nowotny on 3/13/2013

Overview - High net worth and income taxpayers find themselves in a world of hurt following tax reform at the end of 2012. The top marginal bracket for taxpayers with more than $400,000 (single and $450,000 married)...more

FATCA: Final Regulations Raise Questions for Trust Practitioners

by Sloane Jumper, Samantha Moore, John Nichols, Kurt Rademacher | Butler, Snow, O'Mara, Stevens and Cannada,... on 2/8/2013

In the wake of a series of scandals involving U.S. taxpayers sheltering their assets from the reach of the U.S. Internal Revenue Service (IRS), Congress enacted the Foreign Account Tax Compliance Act (FATCA) on 18 March 2010...more

Insight on Estate Planning - Year End 2012

by Adler Pollock & Sheehan P.C. on 12/6/2012

In This Issue: - The spousal lifetime access trust: A safety net in uncertain times - Be prepared for a triggering event: If you own interests in a closely held business, consider a buy-sell agreement - Is your...more

Policy Loans Can Bite You

by Charles (Chuck) Rubin on 11/9/2012

Life insurance policies can be great vehicles for income tax deferral. Part of this arises from the fact that earnings growth that occurs inside the policy is not subject to current income tax (and may never be taxed if the...more

Commentary on October 24, 2012: Technical Bill

by Osler, Hoskin & Harcourt LLP on 11/8/2012

On Wednesday, October 24, 2012 the Canadian Federal Department of Finance tabled in the House of Commons a large detailed Notice of Ways and Means Motion (“NWMM”) to amend the Income Tax Act (Canada) and a variety of other...more

Advocate's Edge

by Craig Greene on 10/1/2012

McGovern & Greene's Advocate's Edge publication provides attorneys and their clients with valuable resource guides that offer information related to litigation issues....more

Cashing in on a Life Insurance Policy

by Davis Brown Law Firm on 10/1/2012

Certain life insurance, such as whole life, carries a cash value with the policy. The premiums you pay each month go towards a certain amount of coverage for your beneficiaries when you die. In addition, a certain portion of...more

Rhode Island Opens Tax Amnesty Window by David C. Morganelli, Esq. and Ryan W. Sawyer, Esq.

by Partridge Snow & Hahn LLP on 8/30/2012

The Rhode Island General Assembly recently passed the “2012 Rhode Island Tax Amnesty Act" which was promptly signed into law by the Governor on June 15, 2012. The Amnesty Act authorizes the Rhode Island Division of Taxation...more

Practical Tips for U.S. Persons Owning Mexican Property Thru a Fideicomiso

by Snell & Wilmer L.L.P. on 8/15/2012

Every time I’m presented with a contract, I’m quickly transported to a small room in which Willy Wonka, played by Gene Wilder, is vehemently scolding the good natured Charlie Bucket and the poor, protective Grandpa Joe: ...more

U.S. Taxation of Fideicomisos under the FATCA Rules

by Moskowitz LLP on 8/8/2012

Overview of Fideicomisos If you own a home or a vacation home in Mexico, chances are that your property is held in a fideicomiso. A fideicomiso is a contractual arrangement that is arguably something in between a trust...more

Using Private Placement Insurance Products to Achieve Tax Efficiency for High Net Worth Investors

by Gerald Nowotny on 7/25/2012

Originally published in Journal Of Taxation Of Investments - Summer 2012. Although no one can predict what Congress will do at any point, it is quite likely we will see higher income tax rates in the near future, along...more

Baker & McKenzie: Significant changes to the Reduced Input Tax Credit (RITC) regime effective from 1 July 2012

by Baker & McKenzie Australia on 6/19/2012

A New Tax System (Goods and Services Tax) Amendment Regulation 2012 (No. 1) introduces changes that will take effect on 1 July 2012. Under current law it is possible for trustees to have single fee trustee arrangements...more

Procrastination on Estate Planning Can Land A Small Business in Probate Court

by Frank Brunetti on 5/14/2012

Procrastination on Estate Planning Can Land A Small Business in Probate Court By Frank L. Brunetti on May 14th, 2012 Many business owners hope that the companies they have built will outlive them and help build a...more

Auto Notes -- March 2012

by McNees Wallace & Nurick LLC on 3/27/2012

In This Issue: SALES OF DEALERSHIPS: 2012 and FEDERAL ESTATE AND GIFT TAX UPDATE. Excerpt from SALES OF DEALERSHIPS: 2012 Good News and Bad News The good news is that there are now buyers for vehicle...more

The Lottery Winnings Exception To Federal Gift Taxes

by Charles (Chuck) Rubin on 3/19/2012

An interesting circumstance often shows up with lottery winners. After they have won, it seems that a very high percent of them had arrangements in place before they bought their lottery tickets to share their winnings with...more

Unpaid Federal Taxes, Lead to Federal Tax Liens

by CJ (Candida) Griffin, Esq. on 2/22/2012

Proving that celebrities are not above the law, the IRS recently served rapper Lil’ Kim with a tax lien for allegedly dodging more than $1 million in taxes. While it is celebrity tax stories that most often make the...more

Guide to Incorporating an Ontario Business Corporation

by Stephen Sweeney on 1/1/2012

Incorporation Guide...more

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Tax Law › Commercial Law & Contracts › Wills, Trusts, & Estate Planning