TAX BLOG

Family offices are expanding their role beyond investment management to focus on generational stewardship, family engagement, and legacy planning. Advisory relationships are becoming more collaborative and holistic , requiring advisors to provide integrated, client-centered support across multiple disciplines. Operational complexity is increasing , with family offices paying greater attention to areas like staffing, technology, remuneration structures, outsourcing, and strat

On August 29, 2024, Federal Register published a final rule from the Financial Crimes Enforcement Network (FinCEN), issued under the U.S. Department of the Treasury, that targets a well-known vulnerability in U.S. anti-money laundering (AML) enforcement: the ability to purchase residential real estate through opaque legal entities and trusts—often with limited transparency around the true beneficial owners. The rule creates a new national reporting regime for certain “non-fin

From 1 March 2026, all non-financed transfers of residential real estate to legal entities or trusts must be reported to the US Treasury's Financial Crime Enforcement Network (FinCEN). Reports must be electronically filed through a cascading reporting structure that requires at least one person involved in the transaction to file. Click here for more information from FinCEN...

In IRS v Reyes , the US Court of Appeals for the Second Circuit has held that 'wilful' failure to report a foreign bank account under the Bank Secrecy Act includes reckless, as well as intentional, conduct. Similar conclusions have been reached by six other circuits, reinforcing the Internal Revenue Service's policy of imposing penalties of 6 per cent of the undeclared sum: USD2 million held in a Swiss account, in the case of the Reyes defendants. Continue reading...

This presentation outlines practical planning issues tied to owning and managing foreign assets, with a focus on how U.S. estate and tax rules often conflict with non-U.S. legal systems. It explains how title to foreign property, use of U.S. or non-U.S. entities, and reliance on trusts can lead to unexpected tax exposure, forced heirship outcomes, or outright nonrecognition abroad. The material stresses early identification of citizenship, residency, and asset location to avo