Wealth Preservation

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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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U.S., Cayman Islands Reach Tax Deal

Falling in line with the push for greater global collaboration to combat tax evasion, the United States and the Cayman Islands have reached a tax deal to fight violations. The partnership – which is partially designed to encourage other low-tax and favorable tax havens to join the U.S’s anti-tax evasion legislation – means that the […]

Author: Scarinci Hollenbeck, LLC

August 28, 2013

Spouses Should Be Aware of 'Gift-Splitting' Criteria when Gifting Assets

Lawmakers’ decision to both set the estate tax at $5.25 million for 2013 and increase the annual gift tax to $14,000 has been a welcomed sigh of relief for many affluent individuals and business owners. The gift tax, in particular, has historically been a key strategy Americans have used to transfer wealth to future generations […]

Author: Scarinci Hollenbeck, LLC

August 26, 2013

John Hancock Loses $560 Million Tax Lawsuit

The U.S. Tax Court recently ruled against the John Hancock Life Insurance Co. in a tax lawsuit involving hundreds of millions in deductions, Bloomberg News reports. The court opposed John Hancock’s argument that tax deductions on a series of leveraged lease transactions – including depreciation, rental and interest expense, and transaction costs – amounting to $560 million were […]

Author: Scarinci Hollenbeck, LLC

August 23, 2013

Bezos May Have Trouble Securing Tax Benefits With WaPo

Amazon.com founder and chief executive Jeff Bezos turned some heads when the billionaire decided to purchase the Washington Post for a reported $250 million. While it remains to be seen what direction Bezos will take the newspaper, one thing some experts agree on is that he will need to utilize a hands-on approach with it […]

Author: Scarinci Hollenbeck, LLC

August 21, 2013

Tax Breaks

The Birds and the Bees for Trustees

Today, an increasing number of children are born with assistance of advanced reproductive technology. Such children may be conceived and born years after the death of a parent. This miracle of science poses difficulties for trustees administering existing trusts and lawyers drafting new trusts. A typical trust has a current beneficiary who receives distributions of […]

Author: James F. McDonough

August 20, 2013

Will the Bitcoin Become a New Tax Evasion Tool?

Bitcoins, a controversial but highly popular global digital currency, is being used by more consumers to make several types of transactions. Although no government has recognized the bitcoin as a legitimate currency or placed concrete value on its use, the anonymity afforded to bitcoin users, coupled with the growing trend of bartering them for assets that carry […]

Author: Scarinci Hollenbeck, LLC

August 19, 2013

Oil, Gas Industry Faces Scrutiny for Labor Practices

In light of a recent government report that shed light on the prevalence of incorrect worker classification, many companies are coming under fire for their own labor practices. However, some industries are facing more scrutiny than others, particularly the oil and gas industries, a new report reveals. The Pittsburg Post-Gazette reports that the U.S. Department of […]

Author: Scarinci Hollenbeck, LLC

August 16, 2013

Tax Law Violations

Estate of Turco: Is There Clawback For Insufficient Estate Tax Funds?

The lack of liquidity is a serious problem in the administration of an Estate, especially for a fiduciary with the potential for personal liability. The lack of liquidity can arise from no planning, illiquid assets or an unforeseen change in circumstances or market conditions. Federal estate tax is due nine months after death; however, it […]

Author: James F. McDonough

August 15, 2013

Rhode Island, Same Sex Divorce and Portability: Imperfect Together

Rhode Island Governor Chafee issued an executive order directing the state to recognize same-sex marriages performed out-of-state. The executive order does not, however, permit same sex divorce. Society is in a state of limbo where executive orders can address some, but not all, of the issues. How does one address the use of the Federal […]

Author: James F. McDonough

August 13, 2013

Six U.S. States Involved in Norwegian Tax Evasion Case

In another example of international cooperation to quell Norwegian tax evasion, a quiet investigation is expected to reveal the identities of Norwegian taxpayers with secret U.S. bank accounts and of residents of Norway who should be, but aren’t, paying taxes there. Federal courts in six U.S. states have granted the Internal Revenue Service permission to […]

Author: Scarinci Hollenbeck, LLC

August 12, 2013

Understanding the Estate Tax Portability Provision

Many affluent Americans and business owners breathed a sigh of relief when lawmakers prevented the federal estate tax exemption from reverting back to $1 million at the beginning of the year. Instead, Americans can exempt an indexed $5.25 million from federal estate taxes or $10.5 million for those who are married and file joint returns. […]

Author: Scarinci Hollenbeck, LLC

August 9, 2013

Uniform Acts, Modern Portfolio Theory, and An Unintended Consequence

Trustees had been governed by the Reasonable Man standard for investing trust assets that were designed to preserve principal and avoid risk. Then, Modern Portfolio Theory came into prominence and the Reasonable Man rule fell into disfavor. Modern Portfolio Theory (MPT), supported by the work of Nobel Laureates, became the prevailing theory. In the most […]

Author: James F. McDonough

August 8, 2013

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