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The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the fourth in a series of deadline extensions for certain required filings in relation to foreign assets. FinCEN Notice 2012-2 extends the filing date for some filers of Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts (FBAR),&rdqu...

A Private Family Trust Company (PFTC) is typically a family owned LLC (i.e. pass through entity or corporation), authorized by a state’s Division of Banking to be a PFTC and serve as the trustee for the family’s trusts. This article outlines key considerations in establishing a PFTC and two alternatives: a Directed Trust and a Directed ...

Nearly all states have “delegated” trust statutes, but only a few states, such as South Dakota, have “directed” trust statutes, which provide families with maximum flexibility and control regarding a trust’s asset allocation, diversification, investment management and distributions.

This guide covers wealth management and tax planning strategies to consider before year-end and into 2012. Topics include tax management, wealth transfer planning, education funding, philanthropy, retirement, liabilities management, insurance, business owner issues, tax implications of health care reform, and building a strategic plan.

The authors summarize the history of the IRS' voluntary disclosure programs to date and conclude that, indeed, it is still possible for a U.S. person to become U.S. tax compliant and avoid criminal prosecution by making a voluntary disclosure.

After many months of heated debate, Congress passed the American Taxpayer Relief Act of 2012 (“ATRA”), which President Obama signed into law on January 2, 2013, averting the tax side of the so-called “fiscal cliff”. ATRA permanently extends the middle-class tax cuts, raises income tax rates on the wealthiest and, hopefully, ...

After briefly plunging over the “fiscal cliff” – the combination of tax increases and spending cuts that automatically came into effect on January 1, 2013 – Congress quickly passed the American Taxpayer Relief Act of 2012 (the “Act”), which has now been signed into law by President Obama. This white paper summarizes those aspects of the Act that Wi...

Keeping in mind that permanence and certainty are relative terms when it comes to tax legislation, Congress has finally provided a platform that allows for longer-term planning than we have had in the past. Although the American Taxpayer Relief Act of 2012 was passed too late to provide the certainty that is so important for year-end tax planning, ...

Just before midnight on January 1, 2013, the House of Representatives adopted the American Taxpayer Relief Act of 2012. There were few surprises except, perhaps, the extent to which numerous deduction and credit provisions remain intact. While the Act is expected to raise approximately $650 billion over the next 10 years, Congress must now contend ...

One of the potential benefi ts of wealth planning is the opportunity for families to have meaningful conversations about their hopes, dreams, legacy wishes, and more. These types of planning discussions can help to create family intimacy, and help build relationship capital for the future. In this white paper, Fidelity advisor Dr. Timothy G. Habber...

In the past year, the IRS sharply increased the number of returns it audited, particularly those of high-income earners. According to a government official, this is an effort “to build public confidence in the tax system, encouraging voluntary compliance” and to make sure that both the low end and high end of the income scale are subjec...

Since the election, President Obama has reaffirmed his commitment to increasing marginal tax rates for upper income taxpayers while maintaining for lower income taxpayers the tax rates that have been in place since 2001. The basic theme is to reverse for upper income taxpayers the tax benefits conferred by the Economic Growth and Tax Relief Reconci...

Advisors should protect their clients who own fine art and other collectibles from financial loss with properly executed tax and estate planning. This article highlights two recent examples of how oversights, such as defective title, create marketability challenges that may result in substantial financial consequences for collectors.

More and more states are recognizing same-sex marriage. Although marriage and its legal implications are governed by state law, for federal purposes the Defense of Marriage Act (DOMA) defines marriage as a relationship between one woman and one man. This inconsistency creates some tax planning challenges for same sex couples.

Incentives, credits, and deductions within the U.S. tax system are currently in the spotlight, and most advisors are aware that unprecedented exemptions for gift and estate taxes are set to expire on December 31, 2012. Less clear, however, is how families can manage their assets to capitalize on the credits before the window closes. This article lo...