High Net-Worth Individuals will typically have a sophisticated estate plan given the size of their estate and uniqueness of their assets; this often includes a dynasty trust. The dynasty trust typically nowadays has many roles to fill in addition to trustee, one of the more important roles is the trust protector.
Directed trusts offer high-net-worth individuals greater flexibility and control in estate planning by allowing trusted advisors to oversee investment and distribution decisions. This structure separates administrative and advisory roles, reducing the liability of trustees while preserving the grantor’s intent. Ideal for complex family dynamics and unique assets, directed trusts support long-term wealth preservation across generations.
It has been our experience that business owners of SMBs do not get the attention required from their professionals and are confused as to their options. We have also seen opportunities missed and significant mistakes in the tax filings for the SMB.
As the global landscape becomes more interconnected, the financial and political implications of renouncing U.S. citizenship or permanent resident status have taken on new significance. In recent years, growing economic pressures, changing tax laws, and the increasingly complex nature of international finance have prompted a rising number of Americans to consider expatriation or relinquishing their green cards. The political climate in the U.S. adds a layer of complexity to this decision. With this decision comes a lesser-known but critical financial reality—the U.S. Exit Tax.
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.
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.
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 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.
The tax implications of mergers and acquisitions are complicated and to get the right result requires tax professionals who understand the nuances of the tax classifications of the companies involved. Even if big law firms are involved, sometimes the transactions get more complicated than required even though the tax implications are no different then if the transaction occurred as originally planned under the simplified structure.
Christopher Klug shares some insights on corporate and business tax implications in the post-election landscape during his presentation at the Global Chamber Baltimore/Washington (BWI) Advisory Board Fall Meeting on November 13, 2024.
Titled “Election Aftermath: Tax Implications Impacting the Bottom Line for Corporate America and Business Owners,” his presentation explored anticipated tax policy changes under the new administration and their potential effects on businesses.
We would like to take this opportunity to share some exciting developments at the firm that further our commitment to provide customized services to our clients.
U.S. citizens are subject to tax on their worldwide income no matter where in the world they reside.
