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Congress Enacts the Corporate Transparency Act Requiring Certain Entities to Disclose their Owners

On January 1, 2021, Congress enacted the National Defense Authorization Act (the NDAA”). One portion of the NDAA includes the Corporate Transparency Act (the “CTA”), which is described as the most comprehensive anti-money laundering legislation passed in the United States and which regulates the use of anonymous entities for money laundering, tax evasion, and financing terrorism.  The CTA requires certain entities, including limited liability companies, corporations, and “similar entities,” to disclose their individual owners and their “beneficial owners”, meaning those who own or control at least 25% of the entity.  The legislation is aimed at preventing these “shell companies” from hiding illegal activity.

The statute states that the CTA only applies to entities that are created by filing a document with a secretary of state or a similar office, or are formed under the laws of a foreign country, but are registered to do business in the United States through

BCLP Partner Stephanie Moll Interviewed with WealthManagement.com

BCLP Partner Stephanie Moll was interviewed in a WealthManagement.com article titled “Pre-Death Litigation Plagued the Estate of Sumner Redstone.” Moll discusses claims of elder abuse and diminished capacity in the estate planning context. The entire article can be found here.

Chambers High Net Worth 2020 Name BCLP Attorneys

Chambers High Net Worth 2020 Name BCLP Attorneys

July 15, 2020

Authored by: BCLP

Chambers & Partners has recognized Bryan Cave Leighton Paisner in the 2020 edition of Chambers High Net Worth Guide. The publication named 10 Private Client and Family Asset Protection lawyers across the globe as leading lawyers in their field.

 The Chambers High Net Worth Guide ranks the top lawyers and law firms for international private wealth. The guide also recommends leading accountancy firms, private banks, wealth managers, trust companies and other professional advisers to HNW and UHNW clients around the world.

FIRM RANKINGS:

Georgia

Private Wealth Law – Band 2

London (Firms)

Private Wealth Law – Band 3

Missouri

Private Wealth Law – Band 1

Russia

Private Wealth Law – Band 3

 

RANKED LAWYERS:

Family/Matrimonial: High Net Worth

UK

Elizabeth Hicks – Band 1

 

Private Wealth Law

GEORGIA

Kimberly Civins – Band 2

Tiffany McKenzie – Up and Coming

LONDON (FIRMS)

Damian Bloom – Band 3

Reshmi

IRS Expands Medical Condition Exception to Substantial Presence Test to Include Travel Disruption as a Result of COVID-19

In Rev. Proc. 2020-20, the IRS provides relief to nonresident taxpayers who have been in the United States long enough to be considered resident aliens under the substantial presence test of IRC 7701(b)(3) as a result of the COVID-19 pandemic. This Revenue Procedure also provides relief to taxpayers who would otherwise be ineligible for treaty benefits on services income. While this expansion is welcome, it is limited to excluding days falling after January 31 and through May 31.

Typically, under IRC 7701(b), persons who are otherwise not permanent US residents but who spend a sufficient amount of time in the country will be treated as US residents for income tax purposes under the substantial presence test. This test counts the number of days that an individual spent in the country in a given tax year or over a three year “look back” period to determine whether such person spent a

Fleeing New York for a Tax Home in Florida

Fleeing New York for a Tax Home in Florida

January 8, 2020

Authored by: Stacie J. Rottenstreich and Karin Barkhorn

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As we deal with the first snowfall of the season in New York, many New Yorkers may think about picking up and moving to Florida to avoid the cold winter.  Many New Yorkers also think about making Florida their tax home, to take advantage of the favorable estate and income tax laws there.  Florida has no personal income tax and no state estate tax, whereas New York currently has an income tax rate as high as 8.82% and estate taxes on estates over $5,850,000.00 at a rate as high as 16%.  President Trump has recently publicized his decision to make such a move.  But the switch to make Florida one’s legal domicile for tax purposes is not as easy as one might think.

For income tax purposes, if you start off as a New Yorker and file New York state resident income

Aretha Franklin: The Future of Another Musical Icon’s Estate Left Uncertain

Please enjoy our first cross-Atlantic blog post since the merger of Bryan Cave and Berwin Leighton Paisner.  Caroline Ferrigan is a Senior Associate in the Private Client team in Bryan Cave Leighton Paisner’s London office.  Stephanie Moll is a Private Client Partner in Bryan Cave Leighton Paisner’s Denver and St Louis offices.

 

The music world was left mourning the death of another legend recently with the passing of the Queen of Soul, Aretha Franklin.  A woman with a voice full of power and emotion, her death leaves a musical landscape with few (if any) who can emulate someone rated by Rolling Stone as the greatest singer of all time.  However, as well as leaving a gaping hole in the music industry, Aretha Franklin’s death may also leave an estate administration headache,

YOU WON THE LOTTERY, NOW WHAT?

In light of this week’s $448 million lottery jackpot – the 7th largest in Powerball history – the following is a re-posting of our blog entry from January 12, 2016.  If you ever do hit it big, make sure to do everything you can to avoid the “curse of the lottery.”

With up to $1.4 Billion at stake in Wednesday’s Powerball, those who play the lottery are busy making plans for what to do with all the money they may win.  If you win it, you won’t ever have to worry about money again – right?

30 Rock, Oysters, and Generation-Skipping Transfer Tax

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Billionaire David Rockefeller, the grandson of John D. Rockefeller, passed away recently at the age of 101.  In 2017, Forbes estimated that his fortune, investments in real estate, share of family trusts, and other holdings were worth $3.3 billion.  However, because of his family history, it is quite possible that a large portion of that $3.3 billion will not be subject to the estate tax upon his death.

Review of Income Tax Deduction Rules for Charitable Gifts

 

People.com is reporting that Amber Heard, who received a $7 million settlement in her divorce from Johnny Depp this week, is donating the entire $7 million settlement to charities with “a particular focus to stop violence against women” as well as the Children’s Hospital of Los Angeles.

In light of this newsworthy charitable donation, we thought now would be a good time to remind everyone of some of the basic income tax deductions available for gifts to charities.

Prince: Is His Legacy Really Untold?

34997441Update: According to media sources, a lawyer for Bremer Bank and Trust, the corporate fiduciary appointed to administerPrince’s estate,  said the bank is continuing to search for a will and the judge in the Court, Judge Kevin W. Eidge, stated “We are not finding that there’s no will, but that no will has yet been found.”

The following was originally published on April 28, 2016.

As we’ve all seen in the news, musician Prince passed away on April 21, 2016 at the age of 57.  According to news sources, on April 26, just five days later, one of Prince’s six siblings, his sister Tyka Nelson, filed documents with the Carver County probate court stating “I do not know of the existence of a Will and have no reason to believe that the

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