It is no secret that the U.S. tax code is complicated. Compliance with U.S. tax laws is particularly onerous for foreign persons, especially when considering that different rules apply for income and estate tax purposes, and neither depends on an individual’s immigration status. For income tax purposes, the U.S. presumes foreign persons to be nonresident […]
Trusts are essential to estate planning, regardless of your financial means. After all, you do not have to be a millionaire to protect your family members and plan for their continual care after you are gone. With a trust, you can help ensure that your wishes are followed, and your assets are transferred to heirs […]
There are times when you may find yourself short on cash to cover necessary and often significant expenses. This may include circumstances when you have unexpected medical bills and home repairs or you would like to help your child pay for graduate school or the purchase of a new home. While it may be tempting […]
The more wealth a family acquires, the more tools they need to preserve those assets for future generations and protect them from the long arms of tax agencies in the U.S. and abroad. One such tool earning the attention of family offices and ultra-high-net-worth individuals worldwide is private placement life insurance (PPLI). In the simplest […]
Effective Jan. 1, 2025, the federal estate tax exemption increased to $13.99 million, or $27.98 million for married couples filing joint tax returns. This means that individual taxpayers can transfer up to $13.99 million in assets to their heirs (or up to $27.98 million for married couples filing jointly) during life or at death without […]
In 2019, the IRS reassured ultra-high-net-worth families that any gifts they make between 2018 and 2025 to remove assets from their taxable estates under the generous but temporary provisions of the Tax Cuts and Jobs Act (TCJA) would not lose those tax benefits when the estate-tax lifetime-exclusion reverts to its pre-TCJA level in 2026. The […]
If you purchase a qualifying new or previously owned plug-in or hybrid electric vehicle (EV) or fuel cell electric vehicle (FCV) this year, you may qualify for a tax credit. Generally, the credits are nonrefundable, meaning they can only reduce your tax liability to zero; you cannot get back more on the credit than you […]
With 2025 well underway, certain calendar-year trusts and estates still have a small window of opportunity to reduce their 2024 income tax liabilities and those of the trusts’ beneficiaries provided they act before March 6, 2025. Under a special IRS rule, trustees have 65 days after the start of a new year to distribute trust […]
Cosigning loans for friends or family members can spell financial disaster and ruin otherwise healthy relationships. While it is not unusual for parents to cosign for a child’s student loans, car loans or even a mortgage, doing so can damage parents’ credit scores and leave them liable for paying off the entire debt plus interest. […]
One of the many things individuals learned from the pandemic is that the unexpected can happen, and the best way to be prepared is to have a plan in place that meets your evolving circumstances. It is wise to proactively take stock of your physical and financial health throughout various stages of life and consider […]