Minimizing taxes is never easy. But in times of legislative and economic uncertainty, it can be a real challenge. This guide is an overview of some of the key tax provisions higher-income taxpayers need to be aware of. It offers a variety of strategies for minimizing your taxes. Use it to identify the best strategies for your particular situation w...
A non-U.S. company's classification for U.S. tax purposes is important for Foreign Account Tax Compliance Act (FATCA) compliance and U.S. withholding tax reasons. Advisors to families with succession planning structures that include holding, operating, and other companies should determine the U.S. tax classification for each company in the stru...
Non-U.S. families establishing succession planning structures rarely think about the U.S. generation-skipping transfer (GST) tax. Nevertheless, when a foreign trust becomes a U.S. domestic trust so that distributions can be made in a tax-efficient manner to the settlor’s U.S. grandchildren and more remote descendants, U.S. trustees or tax ret...
2022 has been an eventful year with spiking inflation, rising interest rates, geopolitical uncertainty, and unnerving market volatility. Yet amidst these uncontrollable events and uncertainty going into 2023, there are still some valuable tax planning considerations and opportunities within your control.
To position your wealth and philanthropic goals in an optimal position for the long-term, there are 8 strategies that can help activate high-impact capital and initiate purpose-driven charitable giving.
Sometimes leaving an inheritance to a loved one who has a disability can do more harm than good, if the proper safeguards are not in place. A supplemental needs trust, also known as a special needs trust, can help provide for these beneficiaries.
U.S. businesses are facing pressure to drive revenue, manage costs, and increase shareholder value, all while surrounded by economic and political uncertainties. How do businesses thrive in uncertain times? By turning toward opportunity, which includes proactive tax planning that can help optimize cash flow while minimizing the total tax liability ...
As the year end approaches, it’s an optimal time for individuals to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations. This article provides individual tax planning highlights and a checklist of actions to consider that may result in a reduction or deferral of t...
While there has been some federal tax legislation in the U.S., the changes have been far more limited than many expected. Additionally, the continuing tight labor market, worries over a possible recession, and high inflation are dominating concerns. In this year-end tax letter, insights are provided on a variety of topics and most pressing tax issu...
While strong economic times may make the idea of the need for tax-efficient wealth transfers obvious, uncertain economic circumstances can present opportunities to not only re-evaluate existing planning, but also to implement additional, alternative planning that in the long run could provide significant estate, gift, and income tax benefits.
As the clock winds down on the U.S. election, many investors are interested in how a Biden administration would impact their taxes—particularly whether it’s more beneficial to realize gains today (pay now) or continue to defer gains into the future (pay later). It’s a big tax management decision for investors and advisors. We take...
As family offices evaluate their assets during the economic downturn, examining deductions and estate and trust planning can help form better strategies and objectives. In this Q&A discussion, learn how the valuation of distressed assets and investments can maximize your tax deductions through these challenging times.
Nearing the end of the year is an important time to consider any tax planning opportunities that may be available to you before ringing in the new year. This year in particular there are several tax scenarios that must be factored in before any planning strategies are implemented: we have tax laws that were previously instituted that are still in e...
New tax legislation is most likely to happen if next year the Democratic Party controls the Senate, the House of Representatives, and the White House. Now is the time to develop a contingency plan that can be implemented depending on the outcome of the U.S. election. Planning strategies that can be customized to the needs of each family are availab...
It’s time to consider year-end planning for a year that has been an unusual one, with taxpayers experiencing losses due to the economic downturn and the possibility of higher income tax rates next year. Consequently, it’s time to rethink the traditional year-end advice of deferring income and accelerating deductions to minimize one&rsqu...