ELECTRONIC FILING OF FBARs IS NOW MANDATORY (FORM TD F 90-22.1)

Many of our avid CLIENT ALERT readers have established overseas structures that require the filing of the Foreign Bank and Financial Accounts form, otherwise known as the FBAR. The FBAR would be required if you or your trust is the owner of (or has signature or other authority over) a foreign bank, securities, or other financial account. Moreover, additional reporting may be required as an attachment to your tax return on Form 8938 and, separately, on Form TD F 90-22.1, […]

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So You Thought Your IRA is Protected From Lawsuits? Maybe Not…

There are very few assets we own that are more sacred than our retirement plans. Under general legal principles and public policy, most jurisdictions exempt retirement accounts, such as 401Ks and IRAs, from creditors. However, in a recent court case, the so-called “inherited IRA,” was held not to have such “firewall” creditor protection. An inherited IRA is nothing more than an IRA that is passed from the owner of an IRA at his or her death to the designated beneficiary. […]

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The Pet Trust

Many of you have important members of your family which have been forgotten when you put together your estate plan — your pets. Do you have a Plan for your pets upon your passing? Who will take care of them? Are there sufficient funds set aside to provide for the best care for your pets? This Client Alert will introduce you to this process and may assist in answering these questions. Until recently, attempted gifts in favor of specific animals […]

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