Tax Planning

News & Analysis as of

Be Wary of Estate Tax Provisions in the Proposed Fiscal Year 2016 Budget

It's time to call your estate and financial planners - new tax provisions in the proposed FY 2016 budget once again show the specter of potentially brutal taxes at death for the moderately wealthy....more

Obama Administration's 2016 Budget Proposal

You may have seen references to President Obama's 2016 budget proposals and how they might affect your gifting and estate planning opportunities. Given that Congressional Republicans, who now control both the House and the...more

Be Careful for What You Wish For! - Reconsidering the Tax Traps of the EB-5 Visa

EB-5 Visas have been widely promoted as a legal basis for foreign business owners to gain conditional residency followed by permanent residency in the United States. Nothing hard to understand about that. The combination of...more

Family Tax Deductions and Credits: What Do You Qualify For?

Late last year, Congress approved nearly $11 billion to fund the Internal Revenue Service for fiscal year 2015 – the lowest allotted amount since 2008, according to CNN Money. As a result, the IRS announced delays in...more

Estate Planning Pitfall: You’re planning to retire abroad

People who have dreamed of spending their golden years in a tropical paradise or a culture-rich European city should discuss their plans with their advisor before making a move. It’s important to understand the potential tax...more

2015 Tax Update Letter

Dear Clients and Colleagues: This letter is an update on the most recent estate and gift tax developments and serves as a follow-up to our past yearly tax updates, which can be accessed by clicking the “Family Wealth...more

Estate planning for young families - Flexibility is the key

Younger taxpayers are faced with a dilemma: Should they minimize gift and estate taxes through lifetime gifts? Or, should they keep assets in their estates to help ease the potential income tax burden on their heirs? The...more

Why a Tax Attorney's Advice is Important: Estate Planning, Gift Tax, Business Succession, and the Ability to Rely on Advice by...

A recently published tax court opinion provides us with a fascinating case involving a rags to riches story of a tightly-knit hardworking family and the creation, merger and eventual sale of two related family companies. It...more

Insight on Estate Planning - February/March 2015

In This Issue: - Estate planning for young families: Flexibility is the key - Get smart when tackling estate planning for intellectual property - Avoiding undue influence claims - Estate Planning Pitfall:...more

Special Feature – Estate Planning: Why Bother?

After the repeal of the Ohio estate tax and the increased federal estate tax exemption equivalent, many clients erroneously have concluded the following...more

Section 83(b) - Paying a Little Now Might Save You a Lot Later

Great news!  You have been granted stock in a company. Bad news: that means you are going to owe taxes. If you were granted restricted stock in a company you will want to (quickly) think about filing a Section 83(b) election....more

Donor Advised Funds: A Popular Way to Give to Charity

In recent years, donor advised funds have become a popular alternative to private foundations and supporting organizations for many donors. Donor advised funds allow donors to receive some of the benefits associated with a...more

2015 Estate and Tax Planning

Blank Rome’s annual estate planning newsletter discusses certain concepts and techniques that we hope may be of interest to our clients and friends....more

Investment Properties, Rental Properties & Second Homes – Which do You Own?

If you own properties, you should be aware that there are several different rules for reporting rental income, deductible expenses, and gains and losses from the sale of the property, depending on how it is classified. ...more

Tax Geek Tips You Ought To Know

In any merger or acquisition, parties incur costs beyond payment of the purchase price. Transaction costs can include compensatory payments (option cancellation payments, bonuses, etc.) and professional fees (legal,...more

Make a New Year’s Resolution to Review Your Estate Plan in 2015

Each year, at this time, we remind our clients of the importance of keeping their estate plan up to date. Estate planning goals change over the years for many reasons, including the birth, marriage, death or disability of a...more

Tax Planning Considerations for the Purchase of a Residence in the U.S. by Foreign Buyers

Many factors influence a foreign buyer’s decision to purchase residential real estate in the United States. Generally, most of these decisions tend to be driven by concerns over political and economic uncertainty in the...more

This Year in San Juan? - Making the Move from Miami to Puerto Rico

I was recently in San Juan in late November 2014. I am not very nostalgic by nature, but on this trip was struck by a strong sense of how much Puerto Rico reminded me of the Panama Canal Zone – tropical climate, American...more

The Death Of Hidden Offshore Accounts

The future for offshore tax planning, also known as “aggressive tax planning” is likely to be limited to if not curtailed by the global exchange of information agreement signed in October, 2014 by 51 countries and growing....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

Wealth Transfer Newsletter

Although the estate and tax planning landscape has undergone substantial change in recent years, we can rest assured that even more change is ahead. We hope that you find this newsletter informative and useful for your...more

When Should I Begin Estate Planning?

Many people have the misconception that estate planning is reserved for the very old or the very rich. However, estate people can help the majority of people protect the ones they love, protect themselves, and protect the...more

BEPS Tail Shouldn’t Wag Global Investment Dog

I spoke recently on a panel in Tokyo on the future of international tax planning after BEPS (the OECD’s & G20’s Action Plan to counter Base Erosion & Profit Shifting). The panel also featured a senior official at the OECD and...more

Brogan Family Trust: CRA Not Entitled to Notice of Rectification Application

Is the CRA entitled to notice of a rectification application? In Brogan Family Trust (2014 ONSC 6354), the Ontario Superior Court of Justice said “no”, and dismissed the Crown’s motion to set aside an earlier...more

Year-End Tax Planning 2014

Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but...more

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