New Hampshire has a robust set of modern trust laws, which afford settlors broad flexibility and creativity in designing trusts well suited to their specific needs and wishes. Those laws facilitate the more efficient administration of trusts and, importantly, provide a high level of certainty concerning the rights, duties and powers of settlors, beneficiaries, trustees, trust advisors and trust protectors.
Wealth Transfer Strategies
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Attention All Nonresident Aliens: This Is a Roadmap for Making Gifts of Money to Your U.S. Child
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Without a full understanding of U.S. federal gift tax and income tax issues associated with a gift of money to a U.S. child, it is easy for a nonresident alien to convert what would have been a tax-free gift to taxable income. This guide outlines the most common gift-giving mistakes and how to avoid them.
Tax Consequences of the EB-5 Immigrant Investor Visa
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For foreign entrepreneurs seeking to bring their businesses to the United States, the EB-5 Immigrant Investor Visa may seem like the perfect fit. Looks, however, can be deceiving. Green card holders are subject immediately to U.S. federal income tax on their worldwide income and informational reporting requirements for their foreign interests.
When carried interest is transferred early in a fund’s life, it can have a very low value relative to its potential value at payout. It’s this payout potential that makes it an ideal asset to be used in estate tax-reduction planning, especially when used in combination with a grantor trust allowing for that appreciation to compound on an income tax-free basis.
Portability of the Unused Spousal Exclusion
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Portability may have been viewed initially as the simple solution in situations in which there was the potential for loss of the applicable credit amount of the first spouse to die. While this is a valuable benefit, the impact and potential planning opportunities for portability go beyond this important but somewhat limited scope.
As a result of the Wall Street Reform and Consumer Protection Act, the private family trust company (PFTC) has becomie a very popular vehicle to provide not only Family Office SEC exemption but also trust administration to the ultra wealthy inter-generationally and several additional tax and non-tax advantages.
Planning with Retirement Assets
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If the big picture includes ensuring a retirement income stream and passing assets to loved ones, it’s crucial to understand the effects of income and estate tax laws. Integrated, long-term planning is important and should be done well in advance.
Family offices and multi-family offices still grappling with Dodd-Frank are now faced with changes in gift and estate tax, personal income tax and business taxes from The American Taxpayer Relief Act of 2012. In this session Thomas Abendroth and Robert Pluth Jr. of Schiff Hardinbrings provided insights into the implications of these changes and how recent interpretations from the courts may impact your office.Key takeaways include:
Legislative Updates from our Nation's Capital
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What are the latest political and legislative developments and what do families need to be aware of post election?
Outsourcing Policy Loans
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The current interest rate environment has created an unusual opportunity to maximize life insurance cash values.