Wealth

How Uncle Sam factors into your wedding plans
An unseen guest at every wedding, Uncle Sam delivers his gift a year after the celebration: the marriage penalty. To be accurate, it is “not a penalty per se, but rather the effect of the tax rates being calculated at different levels, resulting in a higher tax,”...  more
Measure twice, cut once: Structural advice for private foundations
For a family, establishing a foundation can bring many intangible benefits. Of course, there are financial rewards, but those are not as long-lasting, as Massey, Quick adviser Daniel Weitz points out. “Private foundations are great solutions for those looking to...  more
What to know before moving to Canada
Whether for business, person, or political reasons, more Americans seem to believe that foreign grass is greener, and are putting that belief into action by giving up their U.S. citizenship. The numbers aren’t large but did grow 25 percent to more than 5,400 from...  more
<em>New York Tax Insights:</em> March 2017
As readers of New York Tax Insights know, if the New York State Department of Taxation says you are a New York resident, as a rule it is better to pay the tax. But every rule has an exception, and a taxpayer who presents a well-documented case may reverse the ruling....  more
Italy: A new non-dom system for HNWIs
London was a popular place for foreigners to live for many years until the U.K. put regulations in place that raised taxes on income and real estate. As if in response, Italy is making it easier to establish residence in the country. A significant advantage of the new...  more
IRS says ‘You owe us money. Bye-bye, U.S. passport!’
It is a whole new world for Americans abroad, but perhaps not as welcoming as in the Disney song. A routine overseas trip could turn into a one-way ticket to the U.S. if the IRS says they owe back taxes. “January 1, 2016, marked a new era for Americans living abroad,...  more
New U.K. non-dom tax changes in April 2017 — Last chance to act
For foreigners living in the United Kingdom—non-U.K. domiciliaries, or non-doms for short—many years of liberal tax treatment are about to end. On April 6, 2017, new rules go into effect covering treatment of assets held in the U.K. and abroad, including real estate...  more
Tax planning for year-end
After a few years of calm, uncertainty seems to be returning to the realm of taxes. The next Congress and president have promised to revamp the tax code, though the end result may not include everything that has been proposed. Nevertheless, investment advisory firm...  more
2016–17 Tax Planning Guide
The end of the year can be stressful. There are many tasks to complete in not very much time, and the least favorite has to be year-end tax planning. Most people would rather not take it on, but tieing up loose tax ends before New Year’s Eve could yield substantial...  more
Top considerations for educational donations
Not a day goes by without news of a substantial donation to an American college or university. In many cases, donors are able to see the effect their gifts have in the form of new buildings or facilities, or scholarships to deserving students. That may explain the...  more
<em>New York Tax Insights:</em> September 2016
The perils of claiming to be a resident of another state while keeping a residence in New York were brought home to yet another taxpayer recently. The case involved someone who asserted he was a resident of Florida while maintaining a home in New York where his wife...  more
IRS proposed regulations target gift and estate tax planning strategies
A technique that has allowed families to reduce the tax due on transfers of interests in family businesses may be taken away soon if the proposed regulations go into effect. It may be time to look at such transfers, tax advisors are warning. “The IRS has released...  more
Making taxes less taxing: Reexamining portfolio design
Taxes on an investment portfolio are inevitable, but that doesn’t mean that they can’t be minimized. Too often, though, investment advisors focus on return and ignore the tax consequences of their choices. “The problem with glossing over taxes during the initial...  more
Full steam ahead for U.K. non-dom tax reforms
For a many years, the U.K. has treated long-term residents who are not citizens, known as non-doms, rather generously when it comes to paying taxes. The end of that favorable treatment was announced in July 2015, and the new rules have finally been published. One...  more
Laws and locations: A look at forced heirship regimes and estate planning for investments in Europe
Owning property abroad may sound appealing when you think of a villa in Tuscany or a pied-à-terre in France, but even for European Union residents the estate planning complications can cause monumental headaches. In this client alert from Withers Worldwide, Robin...  more
Lasting powers of attorney
Given that most people do not have wills, it is likely that even fewer have a lasting power of attorney, which would protect them if they are unable to take care of themselves. Should that happen, a guardian has to be appointed by a court. (A durable power of...  more
Will disputes: Don’t let an error invalidate your will
The story of how a brilliant scientist’s will required a court case to sort it out offers several lessons for lawyers and their clients. As Withers Worldwide estate attorney Paul Hewitt explains, the scientist’s will contained “a basic geographical error which could...  more
NYS art collectors under scrutiny for taxes on shipped art
Be careful how you handle and ship your art, especially if you have a residence in New York State. Anchin, Block & Anchin reports that collectors, galleries, and others in the art business are being investigated for tax avoidance. “Authorities are investigating...  more
Market turmoil creates planning opportunities
“While the state of the stock market may be causing stress for some investors who might otherwise hope to hunker down, ignore the market ups and downs and weather the storm, the current market climate actually presents a planning opportunity for Grantor Retained...  more
Making sense of Social Security
Recent changes in Social Security regulations, including the elimination of what were seen as unintended loopholes, make it important to review claiming strategies. This client alert from Massey, Quick and Co. highlights some of the rules that affect the size of your...  more
International estate planning—starting with a will
Where there’s a will, there’s a way, but without a will there is usually trouble. When the estate involves multiple countries, the potential for trouble increases exponentially. “Bad planning, or worse, no planning at all, may lead to unintended consequences,” Chua Yee...  more
Individuals can save more tax in 2015 and beyond, thanks to new ‘extenders’ law
Last year’s tax breaks were timed to arrive just before Christmas, but may have been overlooked in the rush of getting ready for the big day. This Client Alert from Anchin, Block & Anchin summarizes some of the important provisions of the Protecting Americans from...  more
2015 Year-End Tax Planning Update: Real Estate
ile name: Anchin – Guide Real Estate Tax Planning – 2015 12 02“With the start of the Holiday season upon us, it is important to put year-end tax planning at the top of your to-do list,” Anchin, Block & Anchin’s 2015 Year-End Real Estate Tax Planning Update says. ...  more
2015 Year-End Tax Planning Update
“As we start to wind down 2015 with just a few weeks left, it is important to begin the process of thinking about what your tax situation is going to be for 2015 and whether or not any tax planning opportunities exist before year-end,” Anchin, Block & Anchin’s...  more
Estate planning questions and issues to ponder
Creating an estate plan is rarely at the top of anyone’s to-do list. First, it involves the difficult task of considering one’s mortality, and second, it is hard to understand. With the second issue in mind, Roy Ballentine prepared a white paper to present some basic...  more
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