Practitioners will no longer need to apologise to their estate planning clients regarding the form of power of attorney required throughout the State of New York. The statutory form has been reworked – in the author’s view, this follows years of frustration for attorneys and their clients alike.
Released on Aug 2, 2021
In July 2021, the Israeli Tax Authority requested information from the Swiss Federal Tax Administration on affluent Israelis and their families in connection with bank accounts and assets held by them in Switzerland, individually and through foreign companies.
Released on Aug 2, 2021
This panel at the IBA 2020 - Virtually Together conference discussed various income tax and estate/gift tax planning issues that arise when a person from the United States relocates to Europe. A case study was presented, for which each of the panellists provided commentary regarding the tax treatment in their various jurisdictions: France; Italy; Spain; Switzerland; and the UK respectively.
The panel addressed the multiple crossover legal issues and passions involved in the acquiring, holding and disposing of art.
In this article, we focus on the group specifically formed by the US Internal Revenue Service to audit high net worth individuals and how global transparency has impacted its activities.
The panel looked at the implementation of the Fifth EU Money Laundering Directive, its planned implementation in regard to the various beneficial ownership registers, and how both EU Member States and non-EU countries are developing their own approaches to the gathering of relevant information on ultimate beneficial owners.
A review of a two-volume book dealing with trusts, which has recently been updated. The editors of Trusts in Prime Jurisdictions have brought together more than 50 contributors, mostly from common law countries but also a few from civil law jurisdictions.
An article covering the judgment of the Court of Justice of the European Union (first chamber) of 16 July 2020 C-80/19.
Any person who is considered an Israeli tax resident is subject to tax in Israel with respect to their worldwide income. Therefore, any income produced or accrued by an Israeli tax resident from a source within Israel or abroad is subject to tax in Israel. At the same time, a foreign tax resident (ie, a person who is not an Israeli tax resident) is generally subject to tax in Israel only with respect to income that was derived from a source within Israel.
Bitcoin has been around since 2009, gradually increasing in value over the years under most people’s radar. In a timespan of barely two years, however, the world witnessed the meteoric, rise and subsequent price correction of bitcoin and hundreds of other cryptocurrencies, altcoins and tokens.
This panel discussed the opportunities and challenges that are facing the internationally mobile athlete from the perspective of various jurisdictions.
The panel addressed the challenges posed by modern families, but also new types of assets that can be part of international estates, such as digital assets and cryptocurrencies. The law of the administration of such international estates can be a jungle when taking into consideration modern family ties and concepts, as well as these new types of assets that can be treated differently (if at all) by various jurisdictions.
In this session, the panel shared their personal experience with clients that have caused them great concern, including by concealing the true purpose of the advice they were seeking or coming from a high-risk jurisdiction or by not disclosing all the facts and circumstances that would be relevant to the planner to give proper advice.
The main focus of this session was on undisciplined clients, the impact of their choices and the changing circumstances in their lives on estate planning, and how to anticipate this in our advisory practices. During this session, the panel thoroughly discussed what the specific role and goal of a private client adviser is when being confronted with clients who live their lives with little or no regard for the legal consequences of their actions on their estate planning.
In this article, the authors discuss the myriad of changes to Mexico‘s entity classification rules and controlled foreign corporate (CFC) regime. Such changes potentially affect Mexican resident individuals that have elected to use offshore limited partnerships to conduct their investments in ‘US situs assets’. Mexican resident individuals investing through these vehicles may face different income tax rates, different income characterisations and disclosure requirements.