Key Estate Planning Concepts for International Clients
By Patrick J. McCormick, Drucker & Scaccetti, P.C.
Estate and gift tax techniques that are the foundation of common planning strategies do not necessarily apply to noncitizens or nonresidents.
“…and they lived happily ever after?”
By Sergio Guerrero Rosas, Guerrero y Santana, S.C.
For that statement to be true, we must have control of what we want for our family and our heritage before any eventuality. If this is not the case, let's not allow our dream to become our worst nightmare; foreseeing possible disagreements is the best way to prevent them from happening.
Life Insurance in Luxembourg
By Christophe Maulny and Alexane Palide, Anthony & Cie
As part of our International Family Office core business, we often work on interesting creative wealth strategy as well as real estate planning that would have been very difficult to envisage before meeting the person at the source of inspiration.
Family Limited Partnerships
By Dennis L. Nerland, Shea Nerland LLP
A Family Limited Partnership (“FLP”) is nothing more than a limited partnership, created as a vehicle to transfer income and title to assets from the family head to other family members, rather than to a non-family business associate. When the owner of a business is in a high income tax bracket, this transfer can drastically reduce any personal liability and taxes.
To gift, or not to gift
By Allen J. Falke, Mirick, O’Connell, DeMallie & Lougee, LLP
The topic of gifting assets is often an important discussion in the world of estate planning. Generally, a main point of gifting is to remove assets from the estate of the donor to avoid potential estate taxes on the asset.
Overview of Italian use and taxation of trusts
By Prof Stefano Loconte, Loconte & Partners
Although Italy is a civil law country, it has recognised the common law trust since 1992 with the adoption of The Hague convention of July 1985, but up until now, the Italian civil law code has not contained any provisions concerning trusts. However, it is possible to set up a trust with foreign law subject to The Hague Convention and in accordance with public policy. In Italy, domestic trusts are considered to be those that have only their proper law as a foreign element.
The Pitfalls of Multijurisdictional Wills
By Robert Worthington, Shea Nerland LLP
It is fairly common for clients to have assets and family members located in more than one country. In such circumstances, a sensible approach to estate planning may be to have separate Wills to cover the assets located in different countries to simplify the administration of a deceased’s estate in each country. However, it also creates traps for the unwary.
New Zealand Foreign Trusts under the spotlight
By Bethan Boscher, Morrison Kent
Following the recent media attention to the New Zealand Foreign Trust (“NZFT”) industry, John Shewan, appointed by the New Zealand Government to conduct a review on the product, has released his report and recommended that the NZFT offering is retained but with a significant increase in disclosure requirements. But what does this mean in practice for NZFTs and can New Zealand continue to maintain its high international reputation by continuing its NZFT industry?
Islamic Trust (Endowment) or WAQF
By Mohammed Aweidah, Al Zarooni Tureva, Auditors, Accountants, Advisors
What is a Waqf? The word Waqf is derived from an Arabic root which means ‘to hold back’, ‘to stand still’ and ‘to tie’. Waqf is also known as an “Endowment”.
Saving Estate Taxes with an Irrevocable Life Insurance Trust
By Robert S. Jacobson, Kutchins, Robbins & Diamond, Ltd. (KRD)
Few people realize that, even though they may have a modest estate, their families may owe hundreds of thousands of dollars in estate taxes because they own a life insurance policy with a death benefit that could exceed the current estate tax exemption of 5.43 million dollars. This is because life insurance proceeds, while not subject to federal income tax, are considered part of your taxable estate and are subject to federal estate tax.
More Articles ...
- Italy: An urgent call for estate planning
- College Supplies in Check: What about Critical Documents?
- Retirement planning needs detailed plans, not magic numbers
- The New UK Succession Rules – A Brief Overview
- Advanced Planning Will Minimize or Eliminate Estate Taxes
- Taxation of trusts and estates in Mexico
- Trust Letters of Wishes – a Trust Officer’s View
- Individual savings, personal pension plan… what’s new in the UK?
- Trustees’ Duties to Disclose Information to Beneficiaries
- Should I go should I stay? Should I buy should I sell?
- Key estate planning issues for foreign residents in Mexico
- Italy: Natural becomes legitimate
- The New Peril of Incorporated Contractors in Canada
- U.S. tax deferral savings plan in Malta
- Royal Court Awaits Hastings-Bass Ruling
- Blocking a family member's involvement in a business
- Jersey Limited Liability Partnerships
- Important aspects of the amendments to the legislation on trusts proposed by the Panamanian Superintendence of Banks
- The Danish property market - the knot is untied, creating great opportunities for international investors
- The new tax regime of trusts in France
