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|Five Good Reasons Why Ohio is a Great State for Estate Planning|
Buckingham Doolittle Burroughs LLC;
October 1, 2015, previously published on September 11, 2015Ohio residents consider themselves lucky to live in the buckeye state when undergoing their estate planning process. Here we list 5 of the top reasons why. For starters, did you know Ohio no longer has an estate tax and never had a gift tax?
|The 10 Most Important Questions in Estate Planning|
Marc Herbert; Law Office of Marc Herbert;
September 25, 2015, previously published on September 16, 2015As an attorney, I get to meet people from many different backgrounds in many different situations. No matter, the differences, I hear many similar questions about Estate Planning, like.
|IRS Proposes Rules for Tax on Gifts From Expatriates|
Lawrence H. Heller, Norman H. Lane; Greenberg Traurig, LLP;
September 24, 2015, previously published on September 21, 2015On Sept.9, 2015, the IRS issued long-awaited guidance on the 2008 legislation relating to gifts to United States persons made by former U.S. citizens and long-term residents who expatriate on or after June 17, 2008, and are classified as “covered expatriates.” The guidance came in...
|The Use of a Cyprus International Trust (CIT) as a business Vehicle |
Andrianna Joanne Solomonides, Andri Tsangarou; Kinanis LLC;
September 15, 2015A CIT is not only to be used for succession purposes and asset protection, but also as a vehicle for protection of business operations even in cases of sanctions or other similar attacks
|I Have Been Named an Estate Trustee...Now What?|
Ed Esposto, Margaret E. Rintoul; Blaney McMurtry LLP;
September 10, 2015, previously published on September 9, 2015“Estate trustee” is the term used in Ontario to refer to an executor or administrator of the estate of a person who has died.
|Who Will Inherit Whitney Houston's Fortune Following Bobbi Kristina's Death -- and What Are the Lessons?|
Ryan W. Barry; Chambliss, Bahner & Stophel, P.C.;
September 4, 2015, previously published on September 2015Nearly two decades before her death in 2012, singer Whitney Houston executed a will specifying how her assets would be distributed to any children she might have. That 1993 will provided for a trust that would eventually parcel out her estate to her only child, Bobbi Kristina Brown, starting at age...
|Is The End of Valuation Discounting Upon Us?|
Jeffrey P. Consolo, Mark D. Klimek; McDonald Hopkins LLC;
September 3, 2015, previously published on September 3, 2015Discounting the value of assets has been an integral part of wealth transfer planning for many years. The IRS has also been fighting this planning technique for many years. There have been indications that regulations will be issued soon to significantly curtail this estate planning technique....
|Overview of the Landscape for Evaluating Creditors' Breach of Fiduciary Duty Claims in Delaware|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
September 2, 2015, previously published on August 31, 2015In our prior post, we discussed the standard a creditor must meet to sue an insolvent corporation for breach of fiduciary duties, as laid out in the Quadrant Structured Products Co., Ltd. v. Vertin decision. Another notable takeaway from the Quadrant decision was the Court’s overview of the...
|Succession to Cyprus Shares |
Evita Lambrou; Soteris Flourentzos & Associates LLC;
September 1, 2015, previously published on September 2015Shares in a Cyprus company are treated as being located for legal purposes in Cyprus. Therefore, when a registered shareholder of a Cyprus company dies, her/his shares cannot be transmitted to her/his heirs until, in the case of a will, a grant of probate or, in the case of no will, grant of...
|Estate Planning: The Benefits of Qualified Income Trusts|
Peter Y. Fu, Michael L. Salad; Cooper Levenson, P.A.;
August 28, 2015, previously published on August 5, 2015Maybe you're not ready for a nursing home but imagine being forced into institutional care to gain eligibility to receive Medicaid coverage. That was the reality for many people who could not afford assisted living or home care but did not qualify for government assistance. That is, until a pivotal...