Tag Archives: Tax

US Tax Compliance for Foreign Accounts

On August 19th the U.S. Internal Revenue Service announced that the Swiss bank, UBS AG, the United States, and Switzerland had reached an agreement under which the U.S. would file a request under the U.S. – Swiss tax treaty to obtain certain data regarding U.S. taxpayers (about 4,450 accounts)

Entity Trusts: Special Planning Technique Examined

An entity trust is a trust settled (created) by an entity, such as a corporation, limited liability company, trust, or partnership. An entity trust might also be settled by an appropriate group of entities, such as a related or commonly owned group of corporations, limited liability companies, trusts, or partnerships.

IRA Exemptions: Supreme Court Settled the Matter?

Howard Rosen, Esq. & Patricia Donlevy-Rosen, Esq.   April 1, 2005   Comments Off on IRA Exemptions: Supreme Court Settled the Matter?

On April 4, 2005, the United States Supreme Court handed down its decision in Rousey v. Jacoway, a case addressing the issue of exempting individual retirement accounts (IRAs) from federal bankruptcy proceedings. The decision was widely hailed in the financial press, with such headlines as “High Court Rules IRAs Untouchable – Unanimous Decision Means Retirement Savings Are Protected From Creditors”.

State Exemption Laws: Pitfalls to Avoid (Part 2)

All states provide some degree of “asset protection” through their state exemption laws. Such laws shield certain types of assets, such as homestead, wages, annuities, life insurance and retirement funds from creditor claims. This issue of the APN is the second of two parts addressing the most frequent errors people make in attempting to implement asset protection on their own by using (or failing to use) state exemption laws.

IRS Investigates Abusive Trusts

For years we have been writing that offshore asset protection trusts do not offer any income tax advantages for United States citizens or residents. We have been constantly concerned about unfavorable “fallout” and/or (typical) legislative overreaction when one or more of these schemes backfired

Tenancy by the Entireties: Protection No More!

This issue was scheduled to be a review of Barbados. However, a decision in a recent case which may put at risk certain “do-it-yourself” protection techniques was handed down, and is discussed in this issue.

Limited Liability Companies: Ready for Prime Time?

Limited liability companies are being utilized more and more as one state after another adopts a version of a limited liability company statute. A Uniform Limited Liability Company Act was proposed in August, 1994, but as of this writing, no state has adopted it.

Offshore Trusts: A Closer Look

The use of offshore trusts in asset protection planning was briefly discussed in Volume I, Number 4. In this issue we will take a more detailed look at how and why offshore trusts are used in asset protection planning, the tax consequences of utilizing an offshore trust in your planning, and the circumstances under which the technique may not be used.

Selecting an Offshore Jurisdiction for the APT

Selecting the jurisdiction in which the Asset Protection Trust (“APT”) will be located is a very important step. Consideration must be given to a number of factors at that location.