Category: Asset Protection
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Criminal sanctions may apply to an offshore escrow account
Beware of FATCA! It has recently come to our attention that some people have mistakenly been recommended to use an Escrow Account for privacy of overseas financial transactions. Criminal sanctions would apply to any U.S. Person use of an Escrow Account for the purpose of secrecy. Any U.S. Person participation, interest, legal right, beneficial ownership,…
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Offshore Capital Structure White Paper
The Only Type of Foreign Financial Account that U.S. Persons can use for Deferral of Income and Carried Interest on Capital Overseas This deferred income international retirement plan is formally recognized under the Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS), Automatic Exchange of Information (AEoI) and specifically mentioned in Double Tax Agreements…
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Charitable Remainder Trust Problems
Charitable Remainder Trust Overview: 1) Trust status cannot extend to beneficiaries and participants The point for all to grasp is that whatever the legal, juridical and tax status of funding structures, that status cannot extend to beneficiaries and participants as individuals. That is why a trust is quite useless to beneficiaries and participants. Besides it…
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Trump as President-Elect: Top 10 Year-End Tax Planning Tasks, according to McManus & Associates
Top AV-rated attorney releases immediate to-do list with annual estate planning opportunities and strategies based on President-Elect Trump’s pre-election tax platform NEW YORK, NY – November 18, 2016 – In light of Donald Trump’s election and his pre-election platform to reduce marginal income tax rates, there are several planning strategies that should be considered as…
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What The Kids Get – Planning Your Legacy So Your Final Wishes Come True
After a lifetime of working hard and saving faithfully, some people just want to enjoy retirement and spend their money without worrying about passing on anything to the next generation. But plenty of others are determined to leave a legacy – whether it’s by bequeathing a tidy sum to their children and grandchildren, or bestowing…
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IRC 402(b) Global and Mobile International Retirement Plan
IRC 402(b) Global and Mobile International Retirement Plan International enforcement of Tax Compliance by the U.S. Foreign Account Tax Compliance Act (FATCA) took effect on 1 July 2014 and for the OECD it begins in 2017. This reporting of foreign financial accounts dramatically effects the way employers establish, administer and financially report international retirement plans…
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How To Survive Retirement In A Pension-less Society
Most people nearing retirement have had to adapt to a changing world along the way. At one time, retirement rested on what financial professionals like to refer to as a three-legged stool – Social Security, savings and a pension. That stool went wobbly, though, when most private-sector pensions began to disappear. “Years ago, the idea…
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What financial interests are backing Trump?
Q: Who are the financial interests that are backing Trump? A: I am not prepared to go on the record now with a definitive statement on an issue that I do not have personal knowledge. I am not Trump’s advisor. I do not possess secret knowledge. There are however, some uncontested facts that indicate some…
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Top 3 Immediate Considerations for Wealth Transfer Valuation Discounting from McManus & Associates
Recently proposed IRS regulations mean discounting opportunities could expire by year-end, explains top-rated tax and estate planning attorney NEW YORK, NY – September 21, 2016 – Proposed Internal Revenue Service (IRS) regulations were recently issued that would eliminate discounting opportunities related to wealth transfer planning. McManus & Associates, a top-rated estate planning law firm with…