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.
Looking Forward: The Future of Philanthropy
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?
The Queen has a Gibraltar Trust
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.
Running a Business as a Sole Proprietor? You Should Have an Estate Plan
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.
US Estate Tax Planning for Non-Citizen Spouses after the SECURE Act of 2019
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.
The Inheritance Conundrum
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.
Swiss Retrocessions
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…
This Pandemic Can Cause Drastic and Unexpected Changes, Are You Prepared?
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.
Estate Plan Activity Increases in Response to Pandemic
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”.
Use of Hybrid Canadian Partnerships in Canadian Estate Planning
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.
More Articles ...
- Cross-Border Estate Planning and Succession
- Taxation of Distribution from “Opaque” Foreign Trusts Set Up in Blacklist Countries
- Use of Foreign Trusts in the UK
- Benefits of Investing in Uruguay
- Update on South Africa’s Consideration of a Wealth Tax Regime
- Mediating Probate, Trust, and Fiduciary Disputes
- Tax Implications of Beneficiaries of Foreign Trusts Moving to Germany
- Private Capital: New Trends in Private Clients’ Investments
- While Relinquishing One’s US Citizenship Can Mitigate Estate and Gift Tax Obligations
- Prevention of Risks that Threaten Family Assets
- The Present Affected by the Past
- Authority to Allocate Trustee Duties Among Multiple Trustees
- Successor Fiduciary Liability: When the Follower Must Be the Leader
- Inheritance Tax in the United Kingdom
- A Holistic View on Inheritance Planning (2)
- Can Cryptocurrency be Inherited?
- Trust Structures Catering to India-UK Family Office Investments
- UK Inheritance Rules: Changes Affecting Non-UK Resident Individuals
- How to Use the New Texts about Inheritance to Make Your Will
- Scottish Trusts are Different
- An Instrument for Asset Succession – The Family Pool
- Key Estate Planning Concepts for International Clients
- “…and they lived happily ever after?”
- Life Insurance in Luxembourg
- To gift, or not to gift
- Overview of Italian use and taxation of trusts
- New Zealand Foreign Trusts under the spotlight
- Islamic Trust (Endowment) or WAQF
- Saving Estate Taxes with an Irrevocable Life Insurance Trust
- 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?
- Should I go should I stay? Should I buy should I sell?
- Key estate planning issues for foreign residents in Mexico
- 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
