
Wealth Planning for Professional Athletes: Special Tax Incentives in Italy
By Beatrice Molteni, Loconte & Partners
As commonly known, in Italy the sports industry, and especially soccer, represents an important source of wealth for the country.
By Beatrice Molteni, Loconte & Partners
As commonly known, in Italy the sports industry, and especially soccer, represents an important source of wealth for the country.
By Simon Voisin, Forward Group Limited
The number of philanthropists continues to increase year on year, giving tens of billions to charitable and good causes, but with possible recession looming and the economic impact of the COVID-19 epidemic has it reached its peak; is it sustainable?
By Nathan Perez, Abacus Financial Services Ltd
Yes, only it’s not that queen that you’re thinking about. But still, if royalty thinks a Trust in Gibraltar is worth having, then that’s got to be a good start.
By C. Andreea Muth and Nozomi (Zoe) Smith, Pallett Valo LLP
When a business is owned by an individual where there is no legal distinction between the individual and the business, it is called a sole proprietorship. The owner owns the assets, takes on the liabilities, and makes profits – all in their personal capacity.
By Ladidas Lumpkins, Prager Metis International LLC
The SECURE Act, enacted in December 2019, changed the Required Minimum Distribution (RMD) guidelines for IRAs. Most beneficiaries must now take full distribution of an IRA within 10 years of the owner’s death. Beneficiaries who can still “stretch” RMDs over their own lifetime are disabled individuals and the spouse of the deceased.
By Simon Voisin, Forward Group Limited
I read recently that Daniel Craig thinks inheritance distasteful. But what of showing your children a certain life then casting them adrift? I’m sure that Mr Craig isn’t going to leave them impoverished, but it is still a thoughtprovoking conundrum! Rod Stewart and Gordon Ramsey apparently both feel the same. Are they hollow words of those in the public eye or a real sentiment? I once heard someone say that they did not wish to burden their children with the family’s wealth.
By Helen Burggraf, Guest author for US Tax & Financial Services
Americans, Brits and others with Swiss bank accounts prior to 2012 are being warned that time is running out for them to get back any hidden commissions they may have paid.This comes in the wake of a recent Swiss Supreme Court ruling which updated four earlier decisions, and which, some say, has shone a timely spotlight on a littleknown virtual pot of unclaimed cash…
By Prof Sergio Guerrero Rosas, Guerrero y Santana, S.C.
These are strange times we are living in. All around the globe, everything in life has changed, from daily routines, job structure, even home life; that is why preparation and readiness to undertake drastic change in our lives should be top priorities for everyone. In this uncertain time, a renewed focus should ensure that preparation includes having an up-to-date estate plan.
By Bill Brammell, DBL Law
The coronavirus pandemic is affecting people personally and professionally. Over the last six months it has become apparent that estate planning is at the forefront of many clients’ minds as focus has turned to protecting both assets and loved ones. GGI member firm DBL Law estimates that its attorneys have spent 16% more time providing legal assistance for wills and estate planning clients thus far in 2020 compared with 2019. There has been an increase in the number of individuals under 50 years of age that are interested in preparing a will, trust, health directive, guardianship, or other estate-planning document, many citing the need to take precautions “just in case”.
By Greg Gartner and Jeanne Posey, Moodys Gartner Tax Law LLP
US estate tax arises on the death of an individual and is applied at graduated rates to the fair-market value of the individual’s taxable estate. The same rates for estate tax apply regardless of whether the individual is a US citizen, US resident, or non-resident of the US. The main difference is that for non-residents, only the value of the US-situs assets is included in calculating the taxable estate.