by Mallory Schowe | Aug 15, 2024
One of the challenges facing owners of closely held businesses is how to preserve their business legacy in the event of their death. The federal estate tax, which applies to estates exceeding $13.61 million in 2024, can pose a significant financial burden on the heirs...
by Christine Stackhouse | Jul 24, 2024
What happened? Effective July 23, 2024, all U.S. banks, insurers, SEC broker/dealers, securities or commodities broker/dealers, investment bankers, investment companies, currency exchanges and certain other entities designated as “financial institutions” must report...
by Christine Stackhouse | Jul 18, 2024
On July 10, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued critical new guidance (“the Guidance”) aimed at enhancing due diligence to prevent the diversion of Common High Priority List (“CHPL”) items to Russia. [1] A list of the...
by Christine Stackhouse | Jul 15, 2024
On July 15, 2024, Partner Paul Tuchmann authored the article titled, “‘Fraud in the Inducement’: Is It ‘Right To Control’ by Another Name, Or Is It Wire Fraud?” for the New York Law Journal. In the article, Paul discusses the Supreme Court’s decision to...
by Mallory Schowe | Jul 11, 2024
In a previous Wiggin and Dana LLP advisory, we addressed what constitutes a “foreign trust” under the Internal Revenue Code (IRC).[1] We now explore the tax consequences of a foreign trust, as well as the differences between a foreign grantor trust and a foreign...
