Some say 2020 was the year that didn’t happen, but this review of the past year shows that much did indeed take place in the trusts and estates realm, from COVID-19-related developments, such as the tolling of statutes of limitations and tax questions stemming from telecommuting, to legislation on adoption records and third-party reproduction.
As more northeast residents, particularly New Yorkers, decide to leave their current residence and seek a new life in sunny Florida, they need to be acutely cognizant of the gorilla glue approach of the state taxing authorities.
The present global circumstances of economic and political uncertainty, a high federal estate tax exemption, and a low-interest rate environment merit a focused examination of whether a SLAT or another irrevocable trust structure can help clients meet many of their objectives.
This article examines the applicability of the U.S.-Canada Income Tax Treaty, which carves out an exception permitting deductibility if the U.S. individual has Canadian source income, and, it will discuss options for using a U.S. charity for indirect cross-border philanthropy for individuals who do not have Canadian source income.
With the escalating costs of long-term care, seniors are increasingly recognizing the importance of protecting their assets. A Trust is a core part of an asset protection plan, but one that requires precision in drafting.