Category Archive for: ‘Wealth Preservation’

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How Can I Resolve My Tax Non-Compliance?

For those who are not in compliance and are ready to come clean, we can establish attorney-client privilege and help them understand and resolve their non-compliance with minimal taxation, penalties and criminal exposure.

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Year-End Tax Tips from the IRS for Charitable Planning

The Internal Revenue Service today reminded individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should keep in mind include: Rules for Charitable Contributions of Clothing and Household Items Household items include furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to […]

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Compass Money

Brazil and U.S. Sign Reciprocal, Automatic Tax Information Exchange Agreement

The IRS and the Brazilian tax authorities will soon begin collecting and exchanging information with respect to certain types of investments to facilitate tax enforcement in both countries.  Brazil actually agreed earlier in principle, but delayed signing the protocol until just recently for political reasons.  Starting next year, 2014 tax information will be exchanged automatically and includes the names and […]

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Legal Checklist for Parents

It’s that time of year again. Vacation time is over and the kids are going back to school. You’ve done all sorts of things to prepare them for their first day and fought the traffic to get them there on time. They walk away with lunchbox in hand, barely realizing they are entirely dependent on you for everything they have.

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How the Clintons Use Trusts to Reduce Estate Taxes

My graduate tax students and those who have attended my professional seminars all know I like to say that there are as many types of Trusts as there are different automobiles, from race cars, to luxury sedans to monster trucks, etc., etc. In fact, asset protection, tax and estate planning attorneys choose from a huge menu of Trusts when equipping […]

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U.S. Tax Filing Deadlines Start Next Week

Companies   March 17 is the deadline to file most business tax returns for the 2013 tax year.  This includes “Corp”, “Inc.”, “S-Corporation” and some LLCs.   An automatic extension can be requested to file up until September 15.  Certain partnerships and some LLCs have until April 15 with the same extension.   Individuals   Personal income tax returns are due […]

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Wealthy Same-Sex Spouses Get Tax Break, but Multinational Couples Still Must Plan Ahead

Until now, the IRS has used DOMA to disallow the marital deduction for same-sex couples by simply not recognizing their marriages.

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Journalists obtain leaked information on over 120,000 offshore companies and trusts.

The International Consortium of Investigative Journalists today announced what it calls “…one of the biggest financial leaks in history.”  They say the files include the names of 4,000 Americans and details are already emerging regarding several high-profile individuals.  “The leaked records, mainly from the British Virgin Islands, the Cook Islands and Singapore, disclose proprietary information about more than 120,000 offshore […]

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Four Ways to Use Your $5.12 million in Transfer Tax Credits before They Fall Off the Fiscal Cliff on 12/31/12

In just over a month, the amount of wealth that can be transferred tax free is set to drop from $5.12 million to just $1 million.  And the tax rate that applies to amounts transferred beyond this “lifetime exemption” is rising from 35% to a highest rate of 55%.  In light of the election results and the few days remaining […]

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Adam Yauch’s Will Prohibits Use of His Music in Ads

Everybody has their reasons to prepare a will (at least) and not just let the “default” rules determine who entitled to what, when and how, and who controls the process.  See this Rolling Stone article about the late MCA’s last wishes:  ttp:// Recommend on Facebook Share on Linkedin Tweet about it Subscribe to the comments on this post

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