Life Insurance and Wills: Essential and Complimentary

By Rich Risino, Memery Crystal LLP

When contemplating how best to provide for family members should the unexpected happen, attention typically focuses on cash resources. Life insurance offers the most apparent solution; the cost can be modest, with easily recognised and ascertainable value. But if the premise of life insurance is to secure the future and cater for those left behind, what about the other assets?

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Chicago, USA

Gifting of QOFs to Grantor Trusts

By Detelina Staneva, Kutchins, Robbins & Diamond, Ltd.

The Taxpayer Cuts and Jobs Act created tax incentives to encourage investment in certain disadvantaged communities called Qualified Opportunity Zones (QOZ), and taxpayers may utilise those incentives by investing in a qualified opportunity fund (QOF).

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Singapur

Planning a Legacy for your Estate

By Nikki Cheong, SingAlliance Pte Ltd

Estate planning prepares for the transfer of assets to an individual’s loved ones in the event of incapacitation or death while the term legacy planning evokes a more holistic approach, including crafting a lasting family narrative. Considering these uncertain times and the imminent “Great Wealth Transfer” from baby boomers, financial planning has become a pressing need for many wealthy individuals.

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Frankfurt, Germany

Taxation of Trusts in Germany

By John Büttner, FPS

Trusts are often used as foreign vehicles. Regarding the German tax treatment, which shall be briefly outlined, it is, however, decisive as to whether a trust qualifies as a transparent or non-transparent vehicle. Such qualification is generally made based on the respective trust agreement, along with all other agreements linked to the trust. The more influence the Settlor has, the more likely it is that the trust is deemed to be transparent.

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enjoy retirement

IRS Provides Reporting and Penalty Relief for US Individuals with Tax-Favoured Foreign Trusts

By Ladidas Lumpkins, Prager Metis International LLC

Amidst the worldwide COVID-19 crisis, many US citizens who have worked abroad and paid into pension trusts may have missed a significant change made by the US Internal Revenue Service (IRS) on 02 March 2020. It is a change that will not only alleviate much of the tax-paperwork burden for those who have worked, or are working overseas, it eliminates the possibility of a minimum USD 10,000 fine for untimely or inaccurate reporting.

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