From time to time, clients anticipating the sale of their business or other large liquidity events will ask me about the Puerto Rican tax regime and the potential tax benefits of moving there. For those willing to actually move there and for those who can develop or transfer their income to Puerto Rican-sourced income, the tax savings can be incredible. Here is a helpful article in Forbes found here that discusses Read More

SLATs are a fairly new estate planning tool – used to transfer assets out of an individual’s taxable estate to take advantage of the current lifetime exemption amount. There has been much written about them, including the following articles in or by: Fidelity; Northwestern Mutual; Forbes; and Wells Fargo. SLATs are irrevocable trusts and ostensibly cannot be changed (although substituting assets is Read More

In times (or anticipated times) of economic instability and uncertainty, it is important to assess and evaluate your business and your asset holdings – where and how they are held. Litigation risk increases as economic certainty decreases (see 2023 Annual Litigation Trends Survey). We have seen a number of businesses use litigation more as a strategy – than a means of resolving a legitimate dispute. Protecting your Read More

This past January 9-13, I attended the annual Heckerling Institute of Estate Planning. It is the preeminent Estate Planning conference in the country. Attorneys and experts from around the country gather to discuss the most relevant and cutting-edge planning topics and techniques, which also include Tax and Charitable Planning. One particular seminar was called “It’s a Nice Place to Visit, but Do you Want to Live Read More

Tax Savings While the winter doldrums persist – there are many things about which to look forward. Today marks the last month in Q1 2023. Unless extended – every pass-through entity you own is required to file its tax return. Certain tax-savings activities had to be completed before for the end of Q4 2022; however, there are still tax-savings strategies available. Many of you already have Defined Contribution Plans Read More