Legal Services for Individuals
Tax Compliance Issues Related to Offshore (Non-U.S.) Accounts and Assets:
U.S. persons (citizens or residents) with offshore assets and accounts are obligated to file information returns reporting the U.S. person’s interest in the foreign accounts and assets. Penalties for failure to file information returns are severe. In cases involving tax avoidance, the penalties may include criminal prosecution. Fortunately, the Internal Revenue Service encourages taxpayers with unreported income from foreign accounts and assets and unfiled information returns to come forward voluntarily to address those issues. Various incarnations of Offshore Voluntary Disclosure Programs have been in existence since 2004. A Streamlined Filing Compliance Procedure to address past foreign non-compliance has been available for U.S. persons living outside the United States since 2012. A version of the Streamlined Filing Compliance Procedure became available for U.S. residents in June, 2014. The firm has assisted U.S. persons—both foreign and domestic—to make voluntary disclosures which have been successful to reduce, and in certain cases, eliminate the penalties to which those individuals were exposed. For more information see: Is the IRS ending its Streamlined Filing Compliance Procedures? (August 3, 2020), New 2014 Offshore Voluntary Disclosure Program Announced June 18, 2014 and 2012 Offshore Voluntary Disclosure Program: Issues and Opportunities.
Probate and Post-Death Tax Planning:
The firm advises executors, personal representatives and trustees regarding the administration of estates and trusts, including preparation of all state and local probate documents and federal and state fiduciary tax returns. We also advise clients regarding various opportunities for post-death estate and income tax planning.
Business Taxation and Tax Planning for Real Estate Transactions:
Our attorneys plan and structure business formations, sales acquisitions, reorganizations, syndications, shareholder agreements, employment contracts, buy-sell agreements, and deferred compensation arrangements. The firm advises clients on different strategic methods for owning and disposing of real estate interests, including assisting clients in structuring simultaneous or deferred like-kind exchanges of real estate, classifying owners as dealers or investors, and providing advice to non-U.S. citizens selling U.S. real property interests.
Asset Protection Planning:
We advise clients regarding various strategies available to insulate assets from creditor claims, forced heirship laws and spousal property rights (whether involving divorce or death) and analyze the advantages and disadvantages of asset transfers to foreign and domestic asset protection trusts, foreign partnerships and limited liability companies, and family members by gift.
Premarital and Post-Marital Agreements:
The firm assists clients in structuring marital agreements to protect pre- and post-marital assets and property interests.
Planning for Disability:
Rising health care costs, concern over long-term care and increased longevity have led to an emphasis on planning for disability. We assist clients in ensuring that the client’s wishes are followed if the client becomes disabled at some point in the future.