As one year has closed and another begun, it can be very useful to evaluate your current state of affairs in light of your goals and aspirations for the future. Estate planning is an integral part of financial planning that can prepare you and your family for an uncertain future in the context of your […]
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Non-U.S. Taxpayers who sell U.S. real estate holdings may be subject to withholding of 15% of the gross sales proceeds beginning February 16, 2016 under a provision of the “Protecting Americans from Tax Hikes Act of 2015.” Previously 10% withholding was required for transactions over $300,000. The new law requires 15% withholding on most transactions, […]
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Nobody wants to think about the end of life, but everyone experiences it. Having a solid estate plan in place before you get to that point can give you peace of mind that your wishes will be honored, both for your own end of life care and for distribution of your property after your passing. […]
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Real estate is the vehicle of choice for many investors — a tangible asset that typically provides regular, reliable income and can appreciate significantly over time. An IRC §1031 Like-Kind Exchange allows for an investment property to be sold and the proceeds reinvested in other investment property. This brochure (the third in our series on […]
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IRC §1031 has been part of the Internal Revenue Code for decades. The §1031 Like-Kind Exchange is a tax planning device which can allow investors to defer up to 100% of the gain realized on the sale of investment property. There are special circumstances in which a §1031 Like-Kind Exchange can be particularly beneficial, and […]
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Successful execution of an IRC Section 1031 Like-Kind Exchange has always required careful planning. In order to enjoy the benefit of deferred capital gains taxes on the sale of commercial or investment property, a timeline must be followed carefully, appropriate filings must be made, etc. (see our §1031 Overview for details). Now, although §1031 Like-Kind Exchanges […]
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In this HOH update, we focus on one of the most complex and least understood aspects of creating enduring financial security: estate planning. Below are links to news items and articles from trusted third party sources that address timely developments and potential opportunities in estate planning. If any of them pique your interest – either for […]
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Introduction The relatively weak value of the U.S. dollar, the stability of the U.S. political system, and the comparatively low price of real estate, among other reasons, attract significant foreign investment in U.S. real property. However, non-resident aliens (NRAs) should be aware of certain provisions of the notoriously aggressive U.S. Internal Revenue Code (IRC). One […]
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Introduction On April 1, 2014, the New York State (“NYS”) legislature gave New Yorkers an estate tax gift by agreeing to increase the NYS estate tax exclusion amount over the next five years. This means that the value of an estate that can pass free of NYS estate tax will eventually increase until it matches […]
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Introduction The income tax due on the proceeds of the sale of property held for investment purposes is generally payable during the applicable tax year. However, §1031 of the Internal Revenue Code (“IRC” or “Code”) provides a valuable mechanism to defer the payment of such taxes and is commonly referred to as a “like-kind exchange.” […]
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