Related insights: Private Wealth

2020 Candidate Tax Proposals

Sep 18 2020

We’re close to the 2020 presidential election and many people are wondering what effect a potential change in leadership could have on their tax bill. If the Democrats take the White House many of the tax provisions enacted by the Tax Cut and Jobs Act of 2017 could be rolled back. Even if new legislation is not passed until late 2021, the new rules could be effective retroactive to January 1, 2021.

Major South Carolina Appellate Decision on Property Tax Exemption

Aug 26 2020

Real estate investors acquiring properties in South Carolina have been granted some latitude when they fail to request an available property tax exemption. In a major decision issued on August 26, 2020, the South Carolina Court of Appeals held that a property owner need not claim the 25% property tax exemption when there is an “Assessable Transfer of Interest” (ATI) available to certain commercial properties during the first year of eligibility for the exemption.

Anne Kelley Russell Expands Tax, Trusts and Estates Practice to Womble Bond Dickinson

Aug 14 2020

Experienced tax, trusts and estates attorney Anne Kelley Russell has joined Womble Bond Dickinson’s Charleston office, bringing a statewide focus on guiding clients in complex wealth management and wealth transfer issues.

49 Lawyers and 18 Practice Areas Recognized in Chambers USA 2020

Apr 23 2020

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.

Torturous Treatment of Transatlantic Trusts

Mar 27 2020

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.

In the Market for a Private Jet? Bonus Depreciation, a Boon to Equipment Purchasers

Mar 27 2020

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.

Taking Control in Uncertain Times – Transfer Tax Planning in the Eye of the Hurricane

Mar 27 2020

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.

Regulators Warn of Scams During Coronavirus Pandemic and Economic Downturn

Mar 26 2020

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.

Laurel R.S. Blair Presents to Charleston Estate Planning Council on Recent Legal Developments and Trends Affecting Fiduciaries and Counsel

Feb 24 2020

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.

What’s In Store For A Fiduciary Standard in 2019

Mar 08 2019

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.

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