Update on South Africa’s Consideration of a Wealth Tax Regime

By Simphiwe Mili, Nolands

In 2015, the Davis Tax Committee was tasked to investigate the relevance of estate duty in the South African (“SA”) tax regime. The committee’s first interim report proposed abolishing estate duty and replacing it with a wealth tax. In 2018, the Davis Tax Committee was tasked with investigating the feasibility of a wealth tax in South Africa and this included investigating whether the wealth tax would perform better relative to estate duty. The debate between the proponents and the opponents of this tax has gained much momentum since 2018 and a specifically interesting debate is how this tax affects inheritance.

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Worcester, USA

Mediating Probate, Trust, and Fiduciary Disputes

By Patricia L. Davidson, Mirick, O’Connell, DeMallie & Lougee, LLP

Probate, trust, and fiduciary litigation is usually contentious. Will contests, breach of fiduciary duty claims, objections to accounts, etc. are often fraught with simmering, often irrational, emotions. Litigation can dissipate family assets and perpetuate conflict, often across multiple generations. Because these disputes involve more than money, “family feuds” are well suited to mediation.

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old opera Frankfurt, Germany

Tax Implications of Beneficiaries of Foreign Trusts Moving to Germany

By Oliver Biernat, Benefitax GmbH

Germany is beautiful and there are many good reasons to move here. Tax advantages are usually not among them and before packing your suitcases you should take a minute or two and consider the tax implications that may have. This is especially true if you own a company abroad where there is no German equivalent (e.g., LLC) or if you are the beneficiary of a foreign trust. The problem is that German tax authorities are very suspicious if you own something they cannot easily understand or rate and there are no clear rules how this is handed tax-wise.

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Bari, Italy

Private Capital: New Trends in Private Clients’ Investments

By Luigi A. M. Rossi, Loconte & Partners

Through the 2019 Italian Budget Law and the so-called decreto crescita (Growth Decree), the Italian government has improved some attractive measures for those who want to invest in the Italian innovative start-ups and small- and mediumsized enterprises (SMEs), granting many tax benefits to the investors, for both individuals and legal entities.

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US passport

While Relinquishing One’s US Citizenship Can Mitigate Estate and Gift Tax Obligations

By Ladidas Lumpkins, Prager Metis International LLC

Relinquishing one’s US citizenship can mitigate an individual’s estate and gift tax obligations, but a “Covered Expatriate”* should plan carefully when disposing of assets. Internal Revenue Code Section 2801 imposes a tax on US citizens or residents who receive certain gifts or bequests from Covered Expatriates (CEs). Even if the property is non-US-situs property, all of it is subject to the 2801 taxing regime.

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Tijuana, Baja California, Mexico

Prevention of Risks that Threaten Family Assets

By Prof Sergio Guerrero Rosas, Guerrero y Santana, S.C.

As families accumulate important assets over time, they usually face many risks due to their complex lifestyles. Additionally, the exposure to risky situations concerning their assets and personal wellbeing are much greater than average in comparison to those families and individuals that haven’t begun accumulating important assets.

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Nice, France

The Present Affected by the Past

By Prof Robert Anthony, Anthony & Cie

With all the evolution of legislation in jurisdictions to collect more taxation, this can affect transactions of the past. In addition, international treaties on exchange of information laws on Base erosion profit sharing as well as the transfer pricing interpretation and case laws, make taxpayers lives more and more complicated.

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Delaware State Capitol Building in Dover

Authority to Allocate Trustee Duties Among Multiple Trustees

By Robert V. A. Harra III, Gordon, Fournaris & Mammarella, P.A.

The bifurcation of trustee duties and powers is not a new concept in Delaware. Title 12 of the Delaware Code (“the Code”) has long recognised the ability for a governing trust instrument to restrict a trustee’s authority to dispose of or otherwise deal with specified trust assets.

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Traditional old manor house in Wales

Inheritance Tax in the United Kingdom

By Hed Amitai and Rich Risino, Memery Crystal LLP

The charge to UK inheritance tax (IHT) is at a rate of 40% on any value over GBP 325,000 in an individual’s estate at the date of their death. There are various exemptions and reliefs, beyond the scope of this article, which either increase the GBP 325,000 threshold or take assets outside of the scope to tax completely.

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