Estate Planning
What’s the difference between residency and domicile for tax purposes? High profile cases such as Prince Harry’s marriage to Meghan Markle made headlines, however, encountering cross-border planning is no longer a rare event. Many non-royal families commonly face complex international tax issues. The importance of developing an estate plan that not only fulfills the multi-jurisdictional […]
International Tax Planning 101 Read More »
It’s a family affair: Mom is the CEO and Dad is the COO/CFO, while the sisters created a $20 million + per year business. In 2012, sisters Isabel and Caroline Bercaw began creating their own bath bombs, simply by mixing baking soda, citric acid and fragrance oils together. They called their kitchen sink company “Da
Teen Sisters Created a $20million-Plus Per Year Business Read More »
Estate planning is always an inexact science. Political sentiment changes, budget priorities shift, and fiscal realities set in. Because of the inherent uncertainties, estate planning professionals urge entrepreneurs to take advantage of favorable conditions when they can. Most individuals are not effectively using their gift tax exemption, which will reduce the size of their estate.
Are You Using Your Gift Tax Exemption Effectively? Read More »
One of Hong Kong’s most colorful billionaires recently acquired David Hockney’s ‘The Splash’ in London for a cool $30 million. With an estimated net worth of over $16billion, it is with ease that Joseph Lau is able to obtain and boast pieces from Warhol, Gaugin, and Hockney, to name a few. His team of financial
Hockney’s ‘The Splash’ sold in London for $30 Million Read More »
IRAs are no longer a good vehicle for an estate plan but life insurance vehicles, with some caveats, are. Advisors should move quickly with the new estate planning advice now that the Secure Act has passed. This law, which eliminated the stretch IRA plan for most non spouse beneficiaries and replaced it with a 10-year
IRA’s Are No Longer A Good Vehicle For An Estate Plan Read More »
The past month included important tax law developments that will significantly affect certain individuals. Some of these tax law changes included: dramatic changes to retirement plan payouts, final regulations confirming no estate tax clawback, and a ruling confirming trustee’s severance and spouse’s disclaimer of interest in marital trust. Final regulations confirm no estate tax clawback—Treasury
Tax Law Update: February 2020 Read More »
The New Year, 2020, has approached us and we have all undoubtedly made resolutions. Whether its leading a healthier lifestyle, traveling more, or spending more time with loved ones, reviewing your estate plan should be at the top of your list. While there is uncertainty as to what the 2020 election may bring, it does
Estate Planning New Year’s Resolutions: Resolve To Plan Better Read More »
The IRS has announced the official estate and gift tax limits for 2020: The estate tax and gift tax exemption is $11.58 million per individual, (up from $11.4 million in 2019). This means that an individual can leave $11.58 million to heirs and pay no federal estate or gift tax, while a married couple can
IRS Announces Higher Estate and Gift Tax Limits for 2020 Read More »
Preserving wealth can become increasingly difficult as it shifts through generations. In order to protect the legacy that you have worked so hard for, it is important to understand the challenges that you may face, and how you can overcome them. In 2019 the tax code provides that every penny in excess of $11.4 million
Multigenerational Wealth Preservation: What You Need To Know Read More »
Millennials will become the richest generation in American history as baby boomers transfer over their wealth. A study shoes that millennials will hold five times as much wealth as they have today and the group is anticipated to inherit over $68 trillion from their baby boomer parents by the year 2030, and this will represent
Millennials To Become The Richest Generation in American History Read More »
