High Net Worth Families Tax Report, Vol. 15, Number 1

As we have done for over 15 years, in each issue we bring you in-depth articles highlighting important topics and providing practical information for high net worth individuals, with a focus on trusts and estates, taxation, family offices and tax-exempt organizations. .

In this issue, Senior Counsel Christina Hammervold details the beneficial ownership information that many U.S. private corporations, LLCs, and other entities will soon be required to report to the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) under proposed regulations.

In her article on planning charitable and spousal deductions for fractional ownership interest bequests, partner Terri Barron explores two recent tax cases that highlight potential pitfalls in this complex area. And in “Dividing a Family Foundation: A Potential Solution for Boards Facing Intra-Family Conflict,” associate Brittney Butts discusses options for family foundations when the collaborative pursuit of philanthropic goals is tested by divorce and other family disputes.

As the 2022 election begins, associate Nick Warshaw has put together a guide to help readers navigate the donation limits and reporting requirements of various overlapping federal, state and local campaign finance laws. sometimes. Partner Ryan Austin explains significant changes to California property tax law affecting transfers of residences and other assets from parents to children after the passage of Proposition 19. And finally, Senior Counsel Jennifer Smith has some important reminders about the 2022 adjustments in transfer tax exemptions. and interest rates.

In this problem

New Beneficial Ownership Reporting Requirements for LLCs and Other Entities

Many LLCs, corporations, and other entities incorporated or registered to do business in the United States will soon be required by federal regulations to file reports to disclose their beneficial ownership and update those reports to reflect changes to their beneficial ownership. on an ongoing basis. Learn more here.

Pitfalls in Planning Charitable and Spousal Deductions for Fractional Real Estate Interest Bequests

Planning for the estate tax deduction for charity or marriage is a complex area, particularly when it comes to making bequests of fractional interests in a single property intended to benefit from the one of these deductions. Recent cases in this area highlight the potential pitfalls that have resulted in the reduction of these estate tax deductions and, therefore, unforeseen estate taxes. Learn more here.

Dividing a Family Foundation – A Potential Solution for Boards Facing Intra-Family Conflicts

Private foundations are excellent philanthropic vehicles for spouses and family members to collectively pursue their charitable goals. However, when spouses separate or other family conflicts arise, the collaborative pursuit of charitable goals may no longer be desired or feasible. Learn more here.

Political Contributions 2022 – Highlights of Important Limits and Campaign Finance Rules

As we approach the 2022 election, we wanted to highlight some important campaign finance rules. If you plan to contribute to candidates, ballot measurement committees, political parties, or political committees (PACs) this election cycle, you must comply with campaign finance laws. Learn more here.

Recent Changes in California Property Tax Law – Planning Opportunities with Principal Residences

The passage of Proposition 19 by California voters in November 2020 brought significant changes to the property tax reassessment exemption for transfers between parents and children. Learn more here.

Reminders – 2022 adjustments to transfer tax exemptions and interest rates

The following federal tax information for 2022 may be helpful as you consider your estate planning options for the rest of the year.


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