Womble Bond Dickinson (US) LLP is pleased to announce that 49 attorneys and 18 state-level practice areas have been ranked in the 2020 edition of Chambers USA: America’s Leading Lawyers for Business. This includes three attorneys who have been recognized in Chambers’ High Net Worth (HNW) Guide. Six practices earned Band 1 rankings, and 11 lawyers received one or more Band 1 rankings.
The popularity of lifetime trust giving in the UK has been on a downward trend since April 2006 when the Labour government introduced reforms specifically aimed at stopping trusts “being used to shelter wealth from inheritance tax”. Subsequent UK governments continued in the same vein through the blurring of legitimate tax avoidance with criminal tax evasion, the introduction of new criminal offences targeting wealth advisors and increases to the tax rates paid by trustees.
The 2017 Tax Cuts and Jobs Act of 2017 (TCJA) became effective as of January 1, 2018. Among its many modifications of the Internal Revenue Code is a temporary but highly beneficial change in the eyes of high-net worth individuals in the market for luxury items such as private aircraft or yachts as well as equipment leasing and finance companies – an increase and extension of bonus depreciation provided for under Section 168(k) of the Code. As explained further below, purchasers of eligible business property are able to make a first-year deduction of 100% of the purchase price for property acquired and placed in service after September 27, 2017 and before January 1, 2023.
The COVID-19 virus, or Coronavirus, has thrown the world in to a tailspin. Businesses have closed their doors, once crowded streets are deserted and people are self-isolating in their homes. During this crisis, there are certain estate planning documents that everyone should have in place. There are also more sophisticated transfer tax planning techniques that clients can take advantage of in the current economic environment.
US Regulators are warning against scams that are being perpetrated out of the Coronavirus Pandemic and the Economic Downturn. On March 20, the SEC tweeted out warnings about investment scams, earmarking certain “too good to be true” investment scams.
CHARLESTON, SC – Womble Bond Dickinson partner Laurel R.S. Blair addressed the Charleston Estate Planning Council on “Recent Legal Developments and Trends Affecting Fiduciaries and Counsel.” The Feb. 20th presentation included analysis and assessment of South Carolina case law developments (implications for trust and estate drafting and administration counsel, fiduciary liability exposure and strategic options), strategies for counsel and professional fiduciaries in effectively addressing socially conscious investing trends given existing trust documentation and legal parameters, and issues/strategic options for consideration in protecting existing trusts/trust assets in the context of divorce.
In its Fall 2018 regulatory agenda, the Securities and Exchange Commission (“SEC”) announced that final rulemaking on the Best Interest Regulation is set for September 2019, before the close of the federal government’s fiscal year.
Entrepreneurs and business owners are naturally – and rightly - focused on running and growing their businesses, particularly with Brexit looming, along with other seismic changes in the global economy. But this can mean many neglect to put effective estate planning measures in place.
The Federal tax reform bill passed at the end of 2017 made voluminous changes to the Federal tax code, but one relatively small section has potentially drawn more attention than any other, attracting the likes of real estate developers, investors, investment advisors, municipal leaders, accountants, lawyers and many, many others.
On July 27, 2018, the Treasury issued final regulations regarding substantiation requirements for cash and noncash charitable contributions. These substantiation rules are a trap for unwary donors and advisors and, as recent cases show, can make substantial charitable deductions vanish into thin air.