Family Business Succession Planning presentation by Ed Arista for the Skylake Synagogue in Aventura.
Ed Arista recently presented on Family Business Succession Planning as part of the Financial Success Series at the Skylake Synagogue in Aventura. Advanced planning using effective legal structures is one of the most important ways to increase the chances that a family business will survive the transition from one generation to the next. This is especially true when the transition happens [...]
Read More →Applying for the Florida Homestead Exemption Can Trigger U.S. Tax Residency
Florida Homeowners have until March 1 to apply for the Homestead Exemption on Form DR-501 to exempt about $75,000 of the value of their home from property taxes. However, recent immigrants or “temporary” residents with assets outside the U.S. should carefully weigh their options before applying. This is because a foreigner becomes a U.S. resident for estate, gift and generation skipping [...]
Read More →Dividing the Family Fortune – Entrepreneur Magazine
Here’s an interesting article from Entrepreneur Magazine regarding family business succession. We deal with this issue all the time as it is quite common that not all members of the next generation have a desire or capacity to be involved in the business, or they are incapable or working together, or there are toxic in-laws, etc., etc., etc… Some of the [...]
Read More →Swiss Bank Prosecuted Using Growing IRS Database of Offshore Information
This prosecution is an example of how the U.S. government is using its expanding database of information collected from whistleblowers, foreign governments, advisors, banks and over 30,000 U.S. taxpayers who have already come clean. Swiss bank Wegelin is charged with helping U.S. Taxpayers hide over $1 billion from the IRS. Any deal Wegelin makes to avoid prosecution will likely include giving up [...]
Read More →U.S. Tax and Legal Consequences for Foreign Investors and Potential Residents (Seminar Outline)
Foreign investors and potential residents must understand that U.S. tax residency can occur, whether or not they have permanent residence for immigration purposes.
Read More →Wills vs. Trust vs. Joint Ownership: Which One is Right for You?
Click here to download a PDF version of this post. Proper planning for the inevitability of death and the possibility of incapacity involves simultaneous analyses of multiple, complex legal and tax issues. We can design a plan that details how your assets are to be managed and to whom and under what conditions they are distributed after you and/or your [...]
Read More →Offshore Tax Amnesty Reopened Today
The Internal Revenue Service just announced the reopening of a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The IRS decision to reopen this special disclosure initiative follows continuing interest from taxpayers with foreign accounts. Over 33,000 tax payers came forward during [...]
Read More →Planning for the Worst While Hoping for the Best: Legal Issues to Consider Before and After Making a Strategic Default
Terms such as “strategic default” and “foreclosure defense” have become household names along with “loan modification” and “short sale” which until recently were the exclusive parlance of real estate professionals. The reason is simple, millions of American households are in foreclosure and even more are considering it. Moreover, the rate of default among “prime” borrowers is spiking. Negotiating a loan mod, short [...]
Read More →Green Card Holders May Not Yet Be Domiciled in the U.S. for Estate and Gift Tax Purposes
If you are considering moving to the United States, you need to consider your tax status for both U.S. income tax purposes and U.S. estate and gift tax purposes.[1] Even if you have already obtained lawful permanent residence status (your “Green Card”), you may not yet be subject to U.S. estate and gift tax as a U.S. “domiciliary”. Depending on [...]
Read More →So You Have Unreported Foreign Bank Accounts and Income, Now What?
With limited exceptions, every American citizen, permanent resident and even residents for tax purposes with direct or indirect ownership or control over a foreign financial account must report those accounts on Treasury Department form TD F 90-22.1, more commonly known as the FBAR [Foreign Bank and Financial Accounts Report]. The form is due June 30 for accounts held in the [...]
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