By Allen Kutchins, Kutchins, Robbins & Diamond LTD
Advanced estate planning during one’s lifetime will minimize or eliminate estate taxes. It is a continual process and is most effective when a plan is in place and it works over a period of time. Following are some of KRD’s favorite planning techniques; however, there are many more available. Implementing these can assure that high networth clients will minimize or pay no federal estate taxes.
By Allen Kutchins, Kutchins, Robbins & Diamond LTD
By Sergio Guerrero Rosas, Guerrero Santana
There have been various changes to tax planning and the use of offshore entities over the last few years in Mexico following a wave of new rules and regulations. Nonetheless, there are a number of benefits to a carefully implemented trusts strategy. By understanding a few of the key principles at work in Mexican estate planning and fideicomisos (trusts), families can successfully protect their wealth as they pass assets on from one generation to the next, helping them to properly achieve tax efficiency, compliance and confidentiality.
By Peter Trieu, Rowbotham International
We wish to present in a three part series, comments on the use of trusts for United States income, estate, and charitable planning. This series is intended to summarize the possible trust structures; the permutations are many. Part 1, following below, covers the use of domestic trusts for income and estate planning. Part 2 will cover the use of foreign trusts for income and estate planning. Part 3 will cover the use of charitable trusts and foundations.
By Brian Hatton, Greystone LLC
The Anglo Saxon form of discretionary trust has been popularly used for a very long time, amongst other things to help manage the protection and (hopefully, orderly) distribution and redistribution of family wealth. This article is from a practitioner’s standpoint to highlight some simple practices that can help create a great result rather than a cautionary tale.
By Bérangère Hassenforder, Anthony & Co UK Ltd
As a reminder, an individual savings account provides a tax free environment for savings. On 1 July 2014, all ISAs became New ISAs or NISAs. The government changed the name to reflect the increased limits and flexibility that are available to account holders. From 1 July, the annual allowance is increased and individuals are able to save up to a maximum of GBP 15,000 in this efficient tax wrapper for the 2014/15 tax year.
By Robert Worthington, Shea Nerland Calnan LLP
High net worth families will often use discretionary trusts for asset protection, tax and estate planning, and charitable purposes. Maintaining privacy may also be a desired objective in utilizing a trust. Clients should be aware, however, that trustees have a duty to disclose information to beneficiaries. Even experienced trust practitioners are often surprised to learn of the degree to which trustees have a duty to disclose information, even where the trust is fully discretionary.
By Prof. Robert Anthony, Anthony & Cie
Many people today are rather confused. They see a government in France that frightens them. Property seems difficult to assess. Everyone says it is a buyers’ market. But how true is any of this? Taxation is becoming ever more complicated with each new finance act. Those living on retirement pensions see their net income falling and are worried about the future.
By Sergio Guerrero Rosas, Guerrero y Santana, S.C.
The issue of estate planning should be of importance to anyone who owns anything from a home to a car, from savings accounts to a nice electric guitar. As a result, we should all be aware of the processes involved in the preparation of wills and trusts, and be concerned not to die intestate (if at all), that is to say, without having given direction for the distribution of property and possession.
By Kathryn von Matthiessen, Cantor & Webb
Purchasers of foreign trust inventories should be warned that many complicated tax issues may be lurking in the history of trust structures with U.S. beneficiaries, some not too far below the surface. Such issues include identification of the real “grantor", accurate classification of the grantor trust status of each trust and status as a foreign or domestic trust for U.S. tax purposes, as well as proper U.S. tax planning for foreign trusts with U.S. beneficiaries in the trust documents.
By Patrizia Giannini, S4B Solutions 4 Business
Revolutionary reforms to laws of hereditary succession, No. 219/12: The Italian Parliament has recently enacted a new law, No. 219/12, which became effective on 1 January 2013. This has amended the provisions of the Civil Code relating to filiation (wills and hereditary descent), eliminating all distinctions between "legitimate" children (born in wedlock) and "natural" children (born outside of marriage).
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