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There are a lot of questions surrounding whether snowbirds and others can shift his or her residency to a lower or no tax state such as Florida, Nevada or Texas, while still maintaining a home in Illinois. However, in light of Illinois’ current economic state and future debt obligations, it is hard for many Illinois residents and businesses n...

The American Tax Payer Relief Act of 2012 (ATRA) was passed on New Year’s Day 2013, and established the first permanentset of estate, gift and generation skipping transfer (GST) tax provisions in 12 years. Each year, the administration puts forth tax proposals that may change the current law. This article provides a quick summary of sev...

In 2013, the International Consortium of Investigative Journalists (ICIJ), a nonprofit group of reporters, shattered the long-held view that offshore bank secrecy was impenetrable. The group had received massive leaks detailing individual offshore bank accounts, which they shared with the public on their website. This was the first of hundreds...

President Obama on January 20, 2015, used his sixth State of the Union address to lay out his tax policy agenda to the new Republican-controlled 114th Congress. In a subsequent speech, Treasury Secretary Jack Lew reaffirmed the Administration's tax reform goals that were first outlined in a 2012 'framework' for business tax reform. Mean...

This issue covers the release of the IRS 2015 inflation-adjusted numbers with a run down of important points to keep in mind including things to remember for year-end gifts, last chance for "portability" filing and the alternative minimum tax (AMT) deduction.

While the large federal exclusion may mean that many people no longer have federal estate tax issues, they may still have state estate tax issues. The challenge is balancing the desire to mitigate estate taxes with maximizing a basis step-up for appreciated property at an individual’s death. Put differently, planning has gotten harder, not ea...

Deutsche Asset & Wealth Management Tax Topics discusses possible outcomes from the mid-term elections, such as treatment of the nearly 60 tax "extender" provisions that expired at the end of 2013. Also covered is possible future tax reform and the loss of cherished tax benefits such as the deductible contributions to employer-sp...

Glenmede's Fall Newsletter topics include leveraging social media to meet organizational goals and guidance for managing transitions to retirement that should be navigated with a comprehensive yet flexible plan that encompasses current cash flow, lifetime asset base and family legacy and philanthropy.

The Internal Revenue Service has issued long-anticipated final Treasury Regulations delineating which expenses of an estate or a non-grantor trust are not subject to the 2% floor on miscellaneous itemized deductions. The final Regulations contain no surprises and no major victories for taxpayers, as they differ little from the revise...

It’s the Fourth Quarter for corporate trustees who are burdened with the decision of how to implement the final regulations under Section 67 issued by the IRS last May. These regulations, govern the costs incurred by trusts and estates that are subject to the 2-percent floor on miscellaneous itemized deductions under Section 67. The regulatio...

South Dakota is the leading bank asset jurisdiction in the United States, according to the FDIC. As the leading trust, asset protection, privacy and favorable tax jurisdiction, South Dakota has attracted many wealthy families to establish trusts in South Dakota without having to live, visit or even fly over the state.

South Dakota’s favorable tax, trust and asset protection laws make it one of the top domestic asset protection jurisdictions. The January 2014 issue of Trusts & Estates magazine ranks South Dakota #1 in all categories including asset protection laws. In fact, it is the only state that ranked #1 across all categories (i.e., tax, trus...

In addition to passing on knowledge, there are various ways to pass on wealth, and that is where smart estate planning and planned gifts come into play. This guide seeks to give you a quick reference to how families can manage wealth, considering taxes, additions of new family members, managing risk, and charitable objectives. It addresses issues c...

Transferring more than material wealth has become increasingly important in today’s world. Ethical wills are a key tools that enable you to transmit your values to the next generation with peace of mind. These kinds of wills may include your personal beliefs and philosophy, and even important family history.

One of the most common wealth transfer and estate planning techniques is to use an irrevocable life insurance trust (ILIT) to own life insurance policies. This structure enables individuals and families to direct the transfer of assets in a tax-efficient manner from one generation to another for the benefit of the trust’s beneficiaries.As wit...