By Jolene Tan, SingAlliance Pte Ltd
The advent of the digital age has harnessed the rise of digital assets such as cryptocurrencies and nonfungible tokens. As more look to invest in this space, many have yet to consider its inclusion in estate planning. However, it is a critical consideration and some might argue it is more crucial than traditional assets. This is because of its decentralised nature, market volatility, the lack of personal linkage to demonstrate ownership, as well as the issue of how the keys are stored – in an electronic device.
By Girish Kaushik, JAA & Associates
Increasing personal wealth, potential inheritance tax levies, and complex family situations have put the spotlight on estate planning. Estate planning mechanisms need to have tax and legal certainty, and should be easy to administer and manage.
By Simon Voisin, Forward Group Limited
Trusts have many purposes and can be useful to safeguard family assets. When setting up a trust a key decision is whether to choose a corporate or an independent trustee.
By Scott Price and Manpreet Kaur, Pallett Valo LLP
It is a common misconception that we are at liberty to simply do with our property anything we wish upon death. “Freedom of Testamentary Disposition” refers to the freedom to dispose of property upon death as one sees fit.
By Tony Nunes, Kelly + Partners Chartered Accountants
While the topic of death and thinking about what happens to a person’s estate after they die can be uncomfortable, it is necessary to consider this issue as it can impact the income tax consequences for the Australian deceased estate. This is particularly important in cases where the estate involves any or all of the following: non-resident beneficiaries, offshore assets, or the person has died without leaving a will.
By Jesús Ruíz Ballesteros, Ruiz Ballesteros Lawyers and Tax Advisors
The statement of foreign economic transactions and asset and financial liability balances is an informative declaration for statistical purposes filed with the Banco de España that serves to declare transactions carried out with non-residents and assets and liabilities held abroad.
By Ladidas Lumpkins, Prager Metis International LLC
A financial professional recently described how taxes work: “If it makes money, the IRS wants its share.” Whether it’s a chain of car washes in Ohio, a stock portfolio, or a digital store in the “metaverse” selling clothes purchased with cryptocurrency, the IRS knows only one thing. All of them made money and taxes are owed.
By Brad Severin, Moodys Private Client Accounting
It was raining the day that Jim passed away from a sudden heart attack. He was out for his morning run and he never came back. His son Brett called from the office of the family’s construction company when Dad failed to arrive for a meeting with their tax advisor and lawyer and was given the awful news. Dad was gone. Now what? He knew everything – the history of the company, who the most important suppliers and contractors were, the arrangements with the bankers through his personal relationships with them for over thirty years. All this knowledge died with him.
By Andreea Muth, Pallett Valo LLP
On 05 July 2021, two amendments to the Business Corporations Act (Ontario) (OBCA) came into effect that will significantly impact trust and estate planning for family businesses.
By Steve Shane, Offit Kurman, Attorneys At Law
Trusts are great estate planning vehicles that allow individuals to protect and preserve wealth and to pass assets down to the next generation, often without subjecting assets to estate taxes.