On February 27, 2025, FinCEN announced that it will not impose fines or penalties on companies that do not submit their beneficial ownership information reports (BOIRs) by the upcoming deadline of March 21, 2025.
The reciprocal trust doctrine is a critical consideration in estate planning for high-net-worth individuals (HNWIs) aiming to maximize the current gift and estate tax exemption before its reduction in 2026. This doctrine prevents spouses from creating trusts for each other that allow them to retain lifetime enjoyment of assets while avoiding estate tax inclusion. To mitigate risks, many HNWIs utilize Spousal Lifetime Access Trusts (SLATs), but careful structuring is essential to avoid triggering the doctrine. Proper planning, such as introducing variations in trust terms or utilizing different jurisdictions, ensures the intended tax benefits remain intact.
Learn how artificial intelligence (AI) is impacting the financial services industry from the perspective of both the public and private sectors.
In the most recent development regarding enforcement of the Corporate Transparency Act (CTA) and Beneficial Ownership Information Report (BOIR), U.S. entities are once again required to file their BOIRs.
How do we harness AI’s tremendous potential while maintaining the human judgment and control that have long been the bedrock of financial decision-making?
It is hard to imagine an area of the law that impacts people more than Wills and Trusts. Death impacts everyone, and so does
From the innovative uses of stones as tools, to using the wheel, and to exploring modern technology beyond the earth’s atmosphere, human beings have always embraced science and technology to enhance quality of life
Unsurprisingly, technology and finance have always shared a symbiotic relationship, as the financial industry has always embraced the possibilities of modern technology to maximize efficiency and to gain competitive advantages. Currently, artificial intelligence (AI) is such a technology. More than the buzzword du jour, AI promises…
In Aroeste v. United States, the U.S. District Court of the Southern District of California held Mr. Aroeste is not liable for the penalties for alleged violation of the Report of Foreign Bank and Financial Accounts (FBAR) because he was a US Nonresident as determined by Article 4 of the United States-Mexico Tax Income Treaty (the Treaty) and therefore, was not required to file FBAR.
Welcome to the first issue of ‘Under the Basswood Tree‘ —Basswood Counsel’s official newsletter!
📌What’s inside?
1. Basswood this Quarter
– Basswood Counsel official launch
– Basswood Counsel joins the Global Chamber Baltimore/Washington region
– Global Integra International Conference Recap
2. Resource Hub
– Beneficial Ownership Information registration deadline approaching
The legal profession is often depicted either as an unapproachable, stiff and otherwise rigid collection of humanoids or as disheveled, rambling reciters of riddles, when in fact it is a dynamic, vibrant, and engaged kaleidoscope of tech savvy practitioners. As an industry forever anchored in selling time packaged with accumulated knowledge, establishing and securing enduring competitive advantages and leverage is critical for …
Basswood Counsel, formerly known as Klug Counsel, is pleased to announce its official launch. We are focused on advising clients on complex business transactions, mergers and acquisitions, cross-border deals, corporate law, domestic and international tax planning and structuring, investment management, fund formation, and private wealth planning. Our clients range from…
Starting this year, most companies doing business in the US must report information about their beneficial owners (“BOI” or “BOI report”) to the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is based on the Corporate Transparency Act (“CTA”)…
