Wills, Trusts, & Estate Planning | JD Supra Legal News, Updates, Analysis, & Information

Foreign Asset Disclosure Program [Video]

by Sanford Millar on 5/14/2012

Foreign Asset Disclosure and the Voluntary Program. This is the program that anybody with clients who have assets off shore should be aware of. Why? Because it's an opportunity for your clients to come forward and...more

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

Expatriation! Why and Why Not!!!

by Sanford Millar on 5/14/2012

The headline news that a co-founder of Facebook has given up his U.S. citizenship to avoid income and estate tax may trigger a lot of interest in expatriation. Some people will read the news of the expatriation of Mr. Sevarin...more

Planning During Turbulent Times

by Katten Muchin Rosenman LLP on 5/8/2012

In this presentation: - Planning in an uncertain tax climate - Planning in uncertain economic times - Navigating the new reporting requirements with respect to foreign investments - Charitable giving...more

Estates & Trusts Legal News - May 2012 • Volume 1, Number 1: US Estate Tax Update: Cross Border Planning

by Dickinson Wright on 5/2/2012

In This Issue: US ESTATE TAX UPDATE:CROSS BORDER PLANNING U.S. Transfer Taxes U.S. transfer taxes consist of three tax regimes: estate tax, gift tax and generation skipping transfer tax. For the purposes of...more

Minimize Estate Tax on Foreign Assets

by Sanford Millar on 4/30/2012

A recent U.S. Tax Court case provides a road map to minimize estate tax liability. In Wandry v. Commissioner the Tax Court held that a gift of an interest in a closely held business that was defined by dollar amount rather...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

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

Supreme Court of Canada Decides on Trust Tax Residency

by Osler, Hoskin & Harcourt LLP on 4/13/2012

The Supreme Court of Canada dismissed the taxpayers’ appeal in Fundy Settlement (also known as Garron or St. Michael Trust Corp.), deciding on April 12, 2012 that the relevant trusts were resident in Canada rather than...more

How Will Foreign Assets Affect Your U.S. Estate and Gift Tax Obligations?

by Sanford Millar on 4/10/2012

The U.S. taxes income worldwide and it also imposes estate and gift taxes on assets held worldwide. Many other countries operate on a “territorial” system where only income earned or assets located within the country are...more

An Introduction on China’s Senior Pension Mechanism

by Qin Qu on 4/1/2012

While China’s aging population rapidly grows in recent years, combining with raising expanse for living, more and more people are concerning about their retirement fund—how they can support themselves on medical expenses and...more

Is Hong Kong Asia's Next Trust Centre?

by Harney Westwood & Riegels on 3/23/2012

Originally published in ASIAN LEGAL BUSINESS - February 2012. Historically, setting up private trusts offshore has been a preferred vehicle for Asia’s wealthy families and individuals to manage their assets as they crave...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

Registering security over trust property

by Harney Westwood & Riegels on 2/27/2012

One of the great attractions of the British Virgin Islands (“BVI”) as a jurisdiction for structuring finance transactions is the simple yet thorough security registration regime applicable to BVI companies....more

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Wills, Trusts, & Estate Planning – May 24, 2012

Narrowed by: International Law & Trade