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The new administration has turned 2009 into a year of changes in state, gift and income tax laws – and more changes are expected before the year ends. Credit Suisse Securities (USA) provides an update on the extension of the IRA charitable rollover as well as changes to the gift tax annual exclusion, the generation-skipping transfer tax, and family partnerships and valuation discounts.

The Internal Revenue Service has increased its scrutiny of multinational corporations and ultra-wealthy investors who try to minimize their taxes inappropriately through foreign investments. PricewaterhouseCoopers offers a checklist that U.S. investors can use to make sure they comply with international tax-reporting requirements.

If they are to weather future market changes, trusts need to be revised or developed using more candid projections of economic conditions. A report from U.S. Trust offers suggestions to improve the effectiveness of trusts, such as assessing portfolio potential more frequently, including probable tax increases in projections and setting distribution methods that balance client needs and trust viability.

All offshore trust companies with any UK nexus should consider their UK exposure and the position of their trusteeships given the extremely detrimental tax effects that can arise through a determination of UK fiscal residency. The guidance also is very relevant, Withers says, in the context of private trust companies with UK resident directors.

A client alert from Baker & McKenzie offers insight into HMRC's draft guidance setting out the agency's view on the application of the new trustee residency rules to non-UK resident corporate trustees.

A new paper from Withers examines a privy council decision upholding, in large part, a post-nuptial agreement made by a wealthy couple. Given the landmark decision in MacLeod v MacLeod, the authors say, some couples may want to clarify the financial arrangements between them by entering into a post-nuptial agreement.

There are significant changes in the taxation of non-UK domiciled individuals. This question-and-answer document from KPMG LLP provides a quick overview of these changes as well as the impact on those affected.

Recent tax court cases have shown the ongoing administration of family limited partnerships is as important as making sure the transaction was properly structured at the outset. Withers Bergman says the family office is a natural fit for ensuring such administration because of its day-to-day involvement with family members and their holdings.

Savvy investors have always known that an economic downturn presents opportunities for anyone willing to bet on a recovery. Similarly with estate planning, there are distinct advantages in taking action while market values and interest rates are low. By transferring property now, individuals can reduce the size of their taxable estates while giving beneficiaries substantial upside potential.

Taxes may always be with us, but not necessarily in the same way depending on where we live. Deutsche Bank takes a global look at income tax, comparing tax scales, types of deductions and tax systems from one country to another.