News

Best Will for…..providing for minor children

Parents, in particular, face a bewildering choice of structure options when it comes to making provision for their children in their Wills. Often the prospect of their child inheriting a large sum of money at age 18 does not appeal. Instead, being able to delay a child taking control of their inheritance until age 21 or 25, or later, or arranging for a series of staggered payments over the years is preferred. However, the tax consequences of the various options are not always explained and parents can end up making inappropriate choices.

In 2006, the Government of the day decided that parents should have to pay for the privilege of keeping assets tied up in trust beyond a child’s 18th birthday, by levying a capital tax on the child’s will trust in proportion to how long the child’s will trust lasts.

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Making provision for minor children or grandchildren in your Will

This note offers guidance for anyone who wants to leave assets to minor children or grandchildren in their Will.

You may be content for minors to inherit relatively small amounts of money outright after your death, perhaps regardless of what age they have reached at your death. However, you may not want a minor to inherit more substantial sums at age 18 or younger. This note provides a brief summary of your options for making provision for minors and the tax consequences of each.

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AILFN Board Elections announcement

(HOUSTON, 2016 February) — Michael Reiss von Filski, Global CEO of GGI (Zurich), was elected Chair of AILFN’s Board of Directors at their recent London Meeting.  AILFN, <www.ailfn.com>, a trade association of global and regional law firm networks, is established to demonstrate the networks are the most effective and efficient model for providing global legal services.

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O Globo cita Isabel Franco no caso da Petrobras

Na matéria “Para Oslo, não há inocentes” publicada em 02 de fevereiro de 2016, O Globo cita  Isabel Franco, sócia da área de Anticorrupção & Compliance do KLA, comentando o caso de corrupção envolvendo a estatal Petrobras.

A citação do O Globo menciona que, para Isabel, a empresa enfrentará problemas similares nos Estados Unidos. “A diplomacia pode até conseguir que a promotoria peça uma punição mais leve. Mas na SEC (Comissão de Valores Mobiliários), a Petrobras e seus diretores não têm como escapar. Não haveria como explicar aos que já foram punidos.” diz a advogada.

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Flash Interview with Barry Shapiro

Barry Shapiro is a partner and a senior member of the firm’s Business law group. He is the son of Joseph Shapiro, one of the founders of RSS in 1921.

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Barry Shapiro kindly agreed to participate in our flash interview. We hope that you will find these answers as equally inspiring as their author:

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Seventeen Howard & Howard attorneys named to Illinois Super Lawyers and Illinois Rising Stars 2016

Royal Oak, Michigan, February 4, 2016: Howard & Howard Attorneys PLLC is pleased to announce that seventeen of our attorneys have been named to Illinois Super Lawyers® and Illinois Rising Stars 2016 as a result of a survey by Law & Politics Media, Inc. They were selected through a process which included peer evaluation and independent research. Only five percent of the attorneys in Illinois were named to the Super Lawyers list and two and one half percent to Rising Stars. 

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DOL’s Fiduciary Rule Takes Final Step – Employment Law This Week

One of the featured stories on Employment Law This Week is the Department of Labor’s proposed fiduciary rule heading to the White House.

The new rule would impose stricter conflict-of-interest rules and fiduciary requirements on advisors working with retirement plans and investors. Critics of the DOL proposal have charged that it would prevent workers who cannot afford highly individualized advice from receiving basic retirement planning services. As with the EEOC, the Department of Labor is making a big regulatory push in Obama’s last year as president. Next on the horizon is the Department’s contentious overtime rule, which will most likely go into effect in July.

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Federal Trade Secrets Bill Clears Important Hurdle

David J. ClarkLast week, the Senate version of the Defend Trade Secrets Act (S. 1890) was passed with bipartisan support by the Senate Judiciary Committee.  As we have previously discussed on this blog, the bill is aimed at addressing alleged inadequacies in U.S. law through the creation of a federal private right of action for trade secret misappropriation.  The legislation would also provide injunctions to preserve evidence and prevent disclosure, and damages to account for economic harm to plaintiffs whose trade secrets are stolen.

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Energy Efficiency Regulations

Since 2008, it has (subject to limited exceptions) been compulsory to supply an energy performance certificate (EPC) for any property, commercial or residential, being let or sold.  Most clients will now be familiar with the grading that EPCs confer on a property, an “A” rating being the most energy efficient and a “G” rating the least efficient.  It would be fair to say that EPCs have, until recently, had little effect on the property market.  However, we are now starting to see some tenants and buyers either threatening to pull out of transactions because the property has a low EPC rating, requiring the landlord or seller to carry out works to improve the energy rating, or seeking to chip the price.  As you will see when you read on, we expect this practice to become more widespread over the coming years.

 

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Taxation of residential property in the UK

The taxation of residential property in the UK has changed almost beyond recognition over the past few years. What were once tried and tested structures are in many cases no longer suitable.

The tax consequences in any given situation are now liable to depend not only on the type of structure used but also the manner in which the property will be used and the buyer’s existing property ownership.

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