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Scarinci Hollenbeck’s Tax, Trusts & Estates practice group regularly provides content on wealth preservation. To receive our attorneys' wealth preservation articles please subscribe to our email list.
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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.
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    Proposed changes to the New York State estate tax post image

    Proposed changes to the New York State estate tax

    After turning a $10 billion deficit into a $2 billion surplus, New York Gov. Andrew M. Cuomo is facing re-election this year, but first he is proposing a major update to the New York State estate tax law, according to Investment News. A recent change – included within an ambitious budget that includes tax cuts […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "Proposed changes to the New York State estate tax"
    Reconciling Divided Loyalties: The Collision Between Fiduciary Duties of Trustees and Company Managers. post image

    Reconciling Divided Loyalties: The Collision Between Fiduciary Duties of Trustees and Company Managers.

    Invariably, wealth transfer structures encounter changing circumstances as the founding generation grows older and passes away.  Typically, company managers dominate decision-making for a period of years.  Unfortunately, if one of the members of the next generation is designated to take charge to the exclusion of others, the excluded members may resist.  Even more dangerous is […]

    Author: James F. McDonough

    Link to post with title - "Reconciling Divided Loyalties: The Collision Between Fiduciary Duties of Trustees and Company Managers."
    Exodus on the Parkway: Regent Atlantic’s Report Into Why Wealth Leaves New Jersey. post image

    Exodus on the Parkway: Regent Atlantic’s Report Into Why Wealth Leaves New Jersey.

    The financial advisory firm Regent Atlantic as to why wealthy people leave New Jersey to reside in other states. The report is entitled Exodus on the Parkway: Are Taxes Driving Wealthy Residents Out of New Jersey? (the “Report”).  The Report draws on objective statistical information and is free of the hyperbole that often accompanies such […]

    Author: James F. McDonough

    Link to post with title - "Exodus on the Parkway: Regent Atlantic’s Report Into Why Wealth Leaves New Jersey."
    White House bill takes $276 billion from multinationals post image

    White House bill takes $276 billion from multinationals

    President Barack Obama is planning a tax increase on U.S. multinational businesses that would add a total of $276 billion to the U.S. budget, according to The Washington Post. The 2015 plan includes six new measures to plug leaks in the tax code that multinationals are using to avoid paying the 35 percent federal corporate […]

    Author: James F. McDonough

    Link to post with title - "White House bill takes $276 billion from multinationals"
    Trusts: Income Tax Planning Is More Important Now post image

    Trusts: Income Tax Planning Is More Important Now

    Wealth preservation remains a challenge despite the increases in the federal estate tax exclusion, which is equal to $5,340,000 in 2014.  The challenge comes from  higher trust income tax rates.  Taxpayers have, over the years, funded trusts with gifts of property with carryover basis. Over time, inflation and appreciation increased the fair market value (FMV) […]

    Author: James F. McDonough

    Link to post with title - "Trusts: Income Tax Planning Is More Important Now"
    Residency U.K. Style post image

    Residency U.K. Style

    Determining residency is a difficult task under a facts and circumstances test where the outcome may be subject to interpretation. The United Kingdom (U.K.) faces unique issues because of the existence of the Commonwealth and the mobility of residents between member states. The U.K. has fashioned tests designed to make clear whether an individual is […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "Residency U.K. Style"
    U.S. Officials Granted Access to Bank Records in Tax Evasion Probe post image

    U.S. Officials Granted Access to Bank Records in Tax Evasion Probe

    A federal judge granted a request made by government officials to obtain the account data and identifying information of American banking clients suspected of committing tax law violations through offshore accounts managed by the Bank of N.T. Butterfield & Son. Butterfield currently has several offices throughout the Caribbean and Switzerland, and officials have long suspected […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "U.S. Officials Granted Access to Bank Records in Tax Evasion Probe"
    Twitter Tax Break Deal May Cost San Francisco Millions post image

    Twitter Tax Break Deal May Cost San Francisco Millions

    Twitter’s initial public offering has been a boon for investors, but a tax deal agreement the company negotiated with San Francisco may end up costing the city millions of dollars in the future. Twitter recently forged a unique agreement with San Francisco, whereby the company would keep its headquarters in the city in exchange for lucrative […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "Twitter Tax Break Deal May Cost San Francisco Millions"
    Treasury Adjusts Flexible Spending Account 'Use It Or Lose It' Provision post image

    Treasury Adjusts Flexible Spending Account 'Use It Or Lose It' Provision

    Flexible spending accounts have historically been less popular with Americans than health savings accounts Flexible spending accounts have historically been less popular with Americans than health savings accounts, due to a “use it or lose it” provision that requires account holders to forfeit any unused balances at the end of their plan year. However, a […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "Treasury Adjusts Flexible Spending Account 'Use It Or Lose It' Provision"
    Is Your Shareholder Succession Plan Subject to ERISA or Not? post image

    Is Your Shareholder Succession Plan Subject to ERISA or Not?

    Up to now, many firms could not conceive of a succession plan as being subject to ERISA. Fortunately, the Fifth Circuit, in Cantrell v. Briggs & Veselka Co., confirmed a 2-1 decision after a rehearing and held that deferred compensation provisions in two employment contracts did not constitute a plan under ERISA. This decision does […]

    Author: James F. McDonough

    Link to post with title - "Is Your Shareholder Succession Plan Subject to ERISA or Not?"
    Aggressive Tax Collection Policies in Greece Frustrate Residents post image

    Aggressive Tax Collection Policies in Greece Frustrate Residents

    Rampant tax evasion in Greece has led state officials to restructure collection practices in an effort to improve public finances and revitalize the economy. However, newly conceived tax laws – 22 in the last two years in Greece – have yielded greater frustration among Greek residents, who feel the country’s policies are unwieldy and ultimately, have […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "Aggressive Tax Collection Policies in Greece Frustrate Residents"
    SEC Clears Apple Tax Practices post image

    SEC Clears Apple Tax Practices

    The Securities and Exchange Commission has cleared Apple Inc. of any potential tax law violations after months of examining the company’s complex and sometimes controversial financial and tax practices. The Securities and Exchange Commission has cleared Apple Inc. of any potential tax law violations after months of examining the company’s complex and sometimes controversial financial […]

    Author: Scarinci Hollenbeck, LLC

    Link to post with title - "SEC Clears Apple Tax Practices"

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