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Tax Benefits for Many U.K. Non-Doms to Be Reduced

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Last month, the UK government announced sweeping changes to the taxation of “resident non doms,” a classification of individuals who receive favorable tax treatment from the UK government.

The UK tax obligations of an individual depend in large part on the individual’s “domicile” under generally applicable English common law principles. (Unlike the US tax system, the citizenship of an individual is irrelevant under the UK tax system.) The UK income tax and capital gains tax systems (which operate as two separate regimes of tax) take into account the “residence” status of an individual, as well. The residence rules were massively overhauled with effect from 6th April 2013. Note that a UK tax year runs from April 6 to April 5 of the following years.

Because of quirks in the English common

Estate Planning for Digital Currencies

bitcoins182way   Over the last 20 years, the growth of digital assets has exploded. Almost everyone has a social media account of some kind, and photographs and music are almost all stored in digital form. Further, digital art is starting to be created, stored and sold online. While there are certain challenges to estate planning for these assets, one can take steps to make sure they are properly transferred to your desired beneficiaries upon your death.

A more difficult estate planning issue for digital assets lies in the form of cryptocurrency, which has also exploded in use in recent years. The most notable cryptocurrency is Bitcoin, which has a market capitalization of upwards of $3.5 billion. (For the sake of accuracy, “bitcoin” is the name of the payment system as well as

Estate Planning Article: Sow Estate Planning Ideas for Farmers and Ranch Owners

December 4, 2013

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Irvine Partner, Renee Gabbard, published an article entitled “Sow Estate Planning Ideas for Farmers and Ranch Owners” in the December 2013 issue of “Estate Planning”.

With wealth often concentrated in a low-basis illiquid asset, farmers may benefit from a contrarian analysis of certain common estate planning strategies.

Trust Alternatives to Prenuptial Agreements

July 16, 2013

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Private Client Partner Renee Gabbard participated in the attached presentation on Trust Alternatives to Prenuptial Agreements.  We are pleased to provide you with the audio of this presentation through the link below.

https://trustbclp.com/wp-content/uploads/2013/07/trust_alternatives_to_prenup.mp3

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