By Tony Nunes and Jane Harris, Kelly + Partners Chartered Accountants
Investors from outside Australia with interests in Australian real property should check the state taxes in the state or territory in which the property is located.
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?
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).
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.
By Buck Grizzel, Stuarts Walker Hersant Humphries
There are several options for residency in the Cayman Islands. These include the following:
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.
By Angela Cordasco, Loconte & Partners
The indirect taxation of trusts, with reference to inheritance and gifts tax, has not been a straightforward matter over the years.
By Craig Ross, Pallett Valo LLP
The Ontario Court of Appeal says yes. It is now indisputably the law of Ontario that a testator who is the sole owner of a private company can dispose of the company’s assets by will.
By Nikki Cheong, SingAlliance Pte Ltd
Asia has experienced a boom in wealth creation, largely in the last two generations, minting new UHNWIs at a faster rate, surging in demand to preserve family legacy and wealth.
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.
