The Importance of Having a Family Charter and How to Draft It

By Prof Sergio Guerrero Rosas, Guerrero y Santana, S.C.

The family charter is one of the most important assets that a family business may have. It is a document that clearly defines a family business and provides future guidance to it. The family charter is so valuable that it can be equated to a treaty.

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Chicago, USA

Gifting of QOFs to Grantor Trusts

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).

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Planning a Legacy for your Estate

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.

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Frankfurt, Germany

Taxation of Trusts in Germany

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.

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enjoy retirement

IRS Provides Reporting and Penalty Relief for US Individuals with Tax-Favoured Foreign Trusts

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.

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Chicago, USA

Family Offices: Optimising Operations and Opportunities

By Harry Cendrowski, Cendrowski Corporate Advisors LLC

As economies around the world return to some semblance of normalcy, it is a great time for the family offce and their advisors to evaluate the operations of the family offce to ensure they are keeping up with changing best practices and family expectations.

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