As you know, UBS reported a larger-than-expected second-quarter loss of $327 million today. Contributing to the dismal result was another $5.1 billion in U.S. mortgage related write-downs.
Practitioners are well-aware that lifetime gifts are more tax-efficient than transfers at death. But during the past seven years there's been a possibility that the estate tax might be permanently repealed, so it's been out of vogue for...
Provisions regarding tax character of distributions to charity must have a non-tax economic effect. The Treasury Department has issued proposed regulations (NPRM REG-101258-08, June 18, 2008) under Internal Revenue Code Sections 642(c) and 643...
Charitable giving in the United States during 2007 is estimated to be $306.39 billion, exceeding $300 billion for the first time in history, according to Giving USA 2008, the yearbook on philanthropy released on June 24, 2008, by the Giving USA...
Business-owning families simultaneously face the challenges of owning a business while planning for the future of the family and the management of family assets. Regardless of whether a family intends to maintain ownership of a business for...
Taxes are never fun but unexpected taxes are especially annoying. If a Florida resident sells a painting through a worldwide auction house, which holds the auction in New York, does he need to pay New York income taxes? If a New Hampshire resident...
The roots of family offices lie in Europe, going back hundreds of years. But, of course, it was in the United States that the family office took on a new life, over the past few decades becoming professionally run organizations, often headed by a...
On July 11, 2008, the Internal Revenue Service issued proposed guidance (Notice 2008-63) regarding the estate, gift, generation-skipping and income tax issues involved with trust companies that are family-owned or controlled, aka private trust...
