Estate Taxation

  • Go With the Flow: Cash Flow Planning for Every Life Stage

    By:
    Jill A. Harris, CPA, MBA
    |
    Jan 1, 2022
    Cash flows are among the most basic components of personal financial planning. They are a great way to jump-start discussions with your clients about other financial planning issues. If you prepare individual income tax returns for your clients, you already have a good start on their cash flows.
  • Modern Asset Protection – An Introduction

    By:
    Gary Forster
    |
    Dec 1, 2021

    Asset protection is a body of law that has developed as an amalgamation of business structures, trusts, titling and creditor exemptions. Asset protection planning insulates assets otherwise exposed to future unknown creditors. Prudent structuring uses widely accepted legal strategies to make clients unattractive to claimants.

  • FLPs with Estate Plans

    By:
    Phyllis C. Taite, JD, LLM
    |
    Nov 1, 2021
    A family limited partnership (FLP), when constructed properly, is an excellent tool to protect and consolidate assets for management through one instrument. For asset protection, assets held by a FLP are not subject to an individual’s creditors; instead, a charging order is usually required to attach a limited partnership interest.
  • Gift Tax Return Tips

    By:
    Joy Matak, JD, LLM, Steven B. Gorin, CPA, Esq., CGMA, and Martin Shenkman, CPA, MBA, AEP, JD
    |
    Oct 1, 2021
    Gift tax returns appear to be seductively simple. Failure to file a gift tax return timely and disclose transactions “in such return, or in a statement attached to the return, in a manner adequate to apprise the Secretary of the nature of such item” in accordance with regulations that impose specific requirements for “adequate disclosure” can delay the tolling of the statute of limitations.
  • The Decision to Transfer One’s Residence to Loved Ones or a Trust Requires Consideration of Many Factors

    By:
    Anthony J. Enea, Esq.
    |
    Sep 1, 2021
    Clients regularly call and advise me that they have decided to take steps to protect their home and/or vacation home for long-term care purposes. However, the decision to do so raises a number of significant and complex issues and concerns for both the attorney and client; for example, every potential transfer creates estate and gift tax, capital gains tax as well as Medicaid eligibility issues for the client, particularly a senior. A complete and thorough review of all available options should be made prior to making the transfer.  
  • FDII Qualification and Substantiation Requirements in the Final 250 Regulations

    By:
    Fernando Lopez, JD, MBA
    |
    May 1, 2021

    Enacted by the Tax Cuts and Jobs Act of 2017, IRC Section 250 (Deduction for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI)) provides a favorable 50% U.S. tax deduction to shareholders of controlled foreign corporations (CFCs) on their GILTI deemed dividends.  In addition, Section 250 provides domestic C corporations a favorable 37.5% deduction on Foreign Derived Intangible Income that is derived from serving foreign markets via sales, services and licensing. This article primarily addresses issues related to the FDII deduction.

  • Purchasing Services from Foreign Persons

    By:
    Yelena Y. Antipova, Esq.
    |
    Apr 1, 2021

    As technological advances have been evolving with a rapid rate, people have become more mobile. The pandemic of 2020 has only accelerated a further movement towards e-commerce. Companies can source services from anywhere in the world; people can provide services from anywhere in the world.

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