Questions and Answers About FATCA and Foreign Trusts by McDermott Will & Emery on 5/14/2012 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 by Harney Westwood & Riegels on 4/27/2012 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
Planning and Paying for Long-term Care (Part 4 in a Series: Medicaid/Medical Assistance) by McNees Wallace & Nurick LLC on 4/25/2012 As of January 1, 2012, the average cost of skilled nursing care in Pennsylvania is $8,112.13 per month. Recall that according to national statistics, approximately 50% of nursing care throughout the country is paid by...more
Estate and Gift Tax Trap for Owners of Foreign Assets by Sanford Millar on 4/24/2012 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
Roy Berg Speaking Engagement on FBAR Requirements at the International Tax Conference in New York City by Moodys LLP Tax Advisors on 4/23/2012 On March 22, 2012 I had the privilege of speaking at the Eighth Annual International Estate Planning Institute in New York City. The conference was sponsored by the New York Bar Association and the Society of Trust and Estate...more
Designated to Decide: How to Help a Loved One Finish Well by Melissa Thomas on 4/20/2012 Columbia, MO – April 20, 2012 -- A loving daughter agrees to be her mother’s healthcare agent. A thoughtful mother completes a DNR (Do Not Resuscitate) and DNI (Do Not Intubate) forms. The mother even goes so far as to wear a...more
Designated to Decide: How to Help a Loved One Finish Well by Melissa Thomas on 4/20/2012 Columbia, MO – April 20, 2012 -- Alisa M. Dotson, Esq. watched a video of a loving daughter who agrees to be her mother’s healthcare agent. A thoughtful mother completes a DNR (Do Not Resuscitate) and DNI (Do Not Intubate)...more
Less Than 9 Months Left To Make $10 Million Of Tax-Free Gifts by Charles (Chuck) Rubin on 4/19/2012 This may be the best time to transfer a large amount of wealth without transfer taxes. Unfortunately time is running out on this short term opportunity because the current generous gift-tax exemptions are scheduled to expire...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 Government Tort Liability Act Does Not Protect Governmental Entities From Contempt Actions by Warner Norcross & Judd - Appellate Practice... on 3/26/2012 In Estate of Stephen Bradley v. Kent County Sheriff’s Department, No. 299640, the Michigan Court of Appeals considered whether the Government Tort Liability Act (“GTLA”) bars contempt actions against governments, where the...more
Report from The American College of Trust and Estate Counsel Annual Conference by Marvin S. Silver by Partridge Snow & Hahn LLP on 3/15/2012 With the sunset of the 2001 Tax Act and reversion to the pre-2001 estate tax exemptions and rates looming (again) at the end of 2012, discussion at The American College of Trust and Estate Counsel (ACTEC) Annual Conference...more
Estate Penalized for Undisclosed Foreign Trust by Sanford Millar on 3/5/2012 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
Wealth Management Update -- February 2012 by Proskauer Rose LLP on 2/28/2012 In This Issue: - February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - IRS Issues Notice 2011-101 - IRS Issues Final Form 8938 -...more
Medical Records Speak Louder Than Words: What It Takes to Win a Social Security Disability Claim Medical Records Speak Louder... by Melissa Thomas on 2/28/2012 Columbia, MO – February 28, 2012 -- To SSA, the word “disabled” is not a medical term. This is the number one reason that the agency will not accept your doctor’s pronouncement that you are “disabled.” To SSA, being disabled...more
Is Certainty Coming to the Federal Estate Tax? by Niles, Barton & Wilmer, LLP on 2/21/2012 The White House was somewhat vague about its intentions regarding the federal estate tax following the State of the Union address. One comment suggested that the Administration wasn’t going to touch the estate tax, leading...more