Revocable & Irrevocable Trusts. Legal news and articles for December 23 - 30, 2013

How Does a South Dakota Address Help the Rich?Israel Changes Its Tax Law To Include The Taxation Of Many Foreign TrustsWealthy avoid taxes by moving assets to no-tax statesSouth Dakota address helps richest shelter wealth foreverSouth Dakota: the Bermuda of the prairie, letting billionaires avoid millions ...Firms 'use offshore trusts to pay huge bonuses'Not everyone trusts governmentSouth Dakota Address Helps Richest Shelter Wealth Forever from TaxesMoguls Rent South Dakota Addresses to Dodge Taxes ForeverSouth Dakota Address Helps Richest Shelter Wealth Forever: Taxes5 Questions: Lesa Creveling, Trust Company of OklahomaMoguls Rent South Dakota Addresses to Dodge Taxes ForeverRelief act helps settle job claimsLaw Firm Hess-Verdon and Associates Announces Appointment of Noelle Minto ...California Anti-Deficiency Laws: Is Your Trust Obligor A "True" Guarantor Or ...

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Revocable & Irrevocable Trusts. News and Stories

How Does a South Dakota Address Help the Rich?
BloombergDecember 30, 2013

Dec. 30 (Bloomberg) -- South Dakota is attracting billionaires seeking to take advantage of tax-friendly trust laws that require little more than renting a local address. Zach Mider reports on Bloomberg Television's "Market Makers." (Source: Bloomberg).more »

Israel Changes Its Tax Law To Include The Taxation Of Many Foreign Trusts
Mondaq News Alerts (registration)December 29, 2013

This all changed when the Israeli Knesset passed its recent tax reform law, effective January 1, 2014, subjecting many previously tax-exempt trusts to significant Israeli income tax liability. (Note: The new law was intended to tax trusts that do not ...more »

Wealthy avoid taxes by moving assets to no-tax states
STLtoday.comDecember 29, 2013

The DING and NING strategies illustrate how tax lawyers can exploit gaps in state and federal laws. Trusts created by people before death typically come in two forms, grantor trusts and nongrantor trusts. The income generated by grantor trusts that isn ...more »

South Dakota address helps richest shelter wealth forever
STLtoday.comDecember 29, 2013

Executives at South Dakota Trust Co., one of the biggest in the state, estimate that one-quarter of their business comes from special vehicles known as “dynasty trusts,” which are designed to avoid the federal estate tax. Creation of ... The family ...more »

South Dakota: the Bermuda of the prairie, letting billionaires avoid millions ...
Boing BoingDecember 28, 2013

America's billionaires are able to avoid paying millions in inheritance taxes by renting empty storefronts in South Dakota in order to give their trust-funds an SD address, from which they can exploit a deliberate loophole in state tax-law. Over $121 ...more »

Firms 'use offshore trusts to pay huge bonuses'
Irish IndependentDecember 28, 2013

Several trusts, operated out of foreign tax havens, are currently under active investigation, officials said. Such is the concern about the sums of money at stake, the Revenue got the Department of Finance to change the law earlier this year so that ...more »

Not everyone trusts government
Toronto SunDecember 27, 2013

The controversial whistleblower currently living under asylum in Moscow warned "[w]e have sensors in our pockets that track us everywhere we go. Think about what this means for the privacy of the average person "¦ A child born today will grow up with ...more »

South Dakota Address Helps Richest Shelter Wealth Forever from Taxes
Accounting TodayDecember 27, 2013

In November, a government commission in New York recommended tightening trust laws to avoid income-tax leakage to states like South Dakota, estimating the change would raise an extra $150 million a year. Prairie Bermuda Still others are drawn to South ...more »

Moguls Rent South Dakota Addresses to Dodge Taxes Forever
MSN MoneyDecember 27, 2013

States like South Dakota are “creating laws that are conducive to a massive exploitation of a federal tax loophole,” said Edward McCaffery, a professor at the University of Southern California's Gould School of Law. “We have a tax haven in our midst ...more »

South Dakota Address Helps Richest Shelter Wealth Forever: Taxes
San Francisco ChronicleDecember 27, 2013

In November, a government commission in New York recommended tightening trust laws to avoid income-tax leakage to states like South Dakota, estimating the change would raise an extra $150 million a year. Prairie Bermuda. Still others are drawn to South ...more »

5 Questions: Lesa Creveling, Trust Company of Oklahoma
Tulsa WorldDecember 27, 2013

If you can think of a financial need, you can probably design a trust to meet that need. The most common type of trust is a "living trust" where you hold title to your assets in a trust set up in your name while you are living. This kind of trust ...more »

Moguls Rent South Dakota Addresses to Dodge Taxes Forever
BloombergDecember 27, 2013

Among the nation's billionaires, one of the most sought-after pieces of real estate right now is a quiet storefront in Sioux Falls, South Dakota. A branch of Chicago's Pritzker family rents space here, down the hall from the ... States like South ...more »

Relief act helps settle job claims
Albany Times UnionDecember 26, 2013

These actions permit the board to offer individual employers immediate settlements, repaying their debt over extended periods at low interest. We must credit the many defaulted trust members who worked with us to settle their obligations. The board has ...more »

Law Firm Hess-Verdon and Associates Announces Appointment of Noelle Minto ...
SBWire (press release)December 23, 2013

Minto, a prominent Orange County trust and probate attorney, draws from more than 10 years of experience in business representation, estate planning and administration, and international estate and business planning. Minto establishes ongoing ...more »

California Anti-Deficiency Laws: Is Your Trust Obligor A "True" Guarantor Or ...
Mondaq News Alerts (registration)December 23, 2013

Individual chapter 11 debtors objected to a deficiency claim filed by a bank. They argued that California's anti-deficiency laws prevented the bank from making a claim against the debtors under their guaranty after it foreclosed on real property ...more »

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