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Residents in 43 states pay state income tax, with the highest rate being 13.3%. When combined with the top federal marginal tax rate and the net investment income tax, residents subject to the
Beginning with the trustee fiduciary duties to the beneficiaries of a trust, attorney Abbey Magnuson of Foley & Lardner’s Estate & Trusts Practice Group discusses ways to mitigate
Non-U.S. families establishing succession planning structures rarely think about the U.S. generation-skipping transfer (GST) tax. Nevertheless, when a foreign trust becomes a U.S. domestic trust so
On September 29, 2022, the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its Final Rule implementing the beneficial ownership information
On September 30, 2022, the Department of the Treasury issued final rules addressing the scope of the reporting requirements for beneficial ownership and control of entities provided under the
The family PTC is an evolving and essential strategy that contributes to long-term financial and family enterprise success. Join us for this in-depth discussion on how a private trust company that
The use of a specific ownership structure to provide for the deduction of investment management fees has evolved since 1941 to most recently in 2018 when guidance was provided by the U.S. Tax Court
When it comes to selecting trustees, families often choose family members to serve in this role. However, if you agree to serve as a trustee, you become a “fiduciary” who must
Establishing residency in a state with lower tax rates can result in significant tax savings for some individuals and trusts. But changing residency is not as straightforward as it might seem.
To effectively serve as a trustee, it's crucial to understand your fiduciary duties. Even trustees with the best of intentions can create liability for themselves by being unprepared for the job