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Read MoreBoca Magazine: Best of Women in Business 2021
Supreme Court Limits State Rights to Tax Undistributed Trusts
As reported in Forbes, the US Supreme Court recently made a unanimous decision in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust. The case involved a trust set up by Joseph Lee Rice, III, in New York for his children’s benefit, with the daughter Kimberley Rice Kaestner subsequently moving to...
Read MoreFlorida LLCs as One Element of a Tax Risk Mitigation Strategy
DeWitt PLLC has particular experience in tax strategies that help foreign clients protect assets while investing in the United States. For those involved in business activities, the LLC, or limited liability corporation, is a cornerstone legal structure. Florida already offers the advantage of having no personal income tax and the IRS considers LLCs as a “disregarded...
Read MoreValuating a Private Equity Fund
When clients wish to perform estate planning or dissolve a marriage, attorneys with extensive experience in taxation and valuation often are asked to make determinations about the value of assets. Valuation experts must fully understand the complex structures of different financial vehicles to arrive at a defensible valuation amount. Valuating a private equity fund is...
Read MorePermanent Resident for Tax Purposes vs. Being Domiciled in the U.S.
At DeWitt PLLC, one of our primary focuses is estate planning strategies that avoid common traps for international clients. One major issue involves the difference between being considered a resident for income tax purposes and one for transfer tax purposes. Income tax must be paid in cases where the individual has a green card or...
Read MoreBusiness Assets and How to Define Them
Among our areas of expertise at DeWitt PLLC is the valuation of operating assets for tax purposes. In business, an asset is anything a company owns or controls that has an economic value. These assets are generally divided into one of two categories: fixed and operating. Fixed assets refer to items that have a physical...
Read MoreProtecting Business Assets Through a Holding Entity
One of our areas of expertise at DeWitt PLLC is using strategies such as creating limited liability companies (LLCs) to manage assets that range from real estate to businesses. LLCs are advantageous to small business owners who, by separating personal from business assets, can keep their personal savings beyond creditors’ reach. Unfortunately, while these assets may...
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