On March 12, 2025, the U.S. Securities and Exchange Commission (SEC) issued a no-action letter in response to a request seeking interpretative guidance on verifying accredited investor status in securities offerings under Rule 506(c) of Regulation D.
For any estate plan that includes a trust, the appointment of the trustee for the trust is of critical importance to the successful administration of the trust. Often, the grantor will appoint family members to act as the trustee, but this may not always be the best choice.
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
In a recent development regarding enforcement of the Corporate Transparency Act (CTA) and Beneficial Ownership Information Report (BOIR), U.S. entities are once again NOT required to file their BOIRs—at least for now.
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
