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Tag: estate

Here’s how wealthy families will save on estate taxes in the Biden presidency

Finance
Democratic candidates for Senate Jon Ossoff (L), Raphael Warnock (C) and US President-elect Joe Biden (R) bump elbows on stage during a rally outside Center Parc Stadium in Atlanta, Georgia, on January 4, 2021.Jim Watson | AFP | Getty ImagesWealthy Americans worried about the prospect of higher estate and gift taxes might have more time to come up with a strategy.With Jon Ossoff and Raphael Warnock both winning their Senate runoff elections in Georgia, the Democrats now have control — albeit precarious — of the Senate.That will help President-elect Joe Biden push his legislative agenda, and higher taxes are expected to be a major part of his plansThe estate tax could be a prime target for Democrats.Biden has repeatedly suggested that wealthy Americans are not paying their "fair share" of t...
RBI paper suggests caps on NBFCs IPO, real estate financing, tighter regulations

RBI paper suggests caps on NBFCs IPO, real estate financing, tighter regulations

Finance
Mumbai: A Reserve Bank of India (RBI) discussion paper on a new regulatory framework for non banking finance companies (NBFCs) has proposed a cap on lending by NBFCs to subscriptions in initial public offerings (IPOs) and in lending to real estate unless government approvals are obtained. The new norms which were put in the public domain for discussion on Friday, said the internal ceiling on sensitive sectors for NBFCs should separately disclose capital market and commercial real estate exposures. IPO financing by NBFCs, a large business for some of these companies has come under close scrutiny, as while there is a limit of Ra 10 lakh for banks financing IPOs, there is no such limit for NBFCs. "Taking in to account the unique business model of NBFCs, it is proposed to fix a ceiling of Rs ...

4 ways wealthy families are trying to head off heftier estate taxes under a Biden administration

Finance
Tom Merton | OJO Images | Getty ImagesWith the election less than a week away, the phones are ringing off the hook for estate planning attorneys and accountants.That's because wealthy families fear that an overhaul of the estate and gift tax exemption — the amount of assets they can transfer without a 40% levy — is just around the corner."For tax nerds, it's like our Super Bowl," said Alison Hutchinson, managing director at Brown Brothers Harriman in New York. "There are lots of conversations with people who are interested in getting everything set up and ready to go."In 2018, the Tax Cuts and Jobs Act roughly doubled the amount wealthy individuals could transfer either over their lifetime or in a bequest without being subject to the 40% estate or gift tax. In 2020, it's sitting at $ 11....
Golden eagles breeding success at Scottish Highlands estate

Golden eagles breeding success at Scottish Highlands estate

Science
Golden eagles have bred at a "rewilding" estate in the Scottish Highlands for the first time in 40 years. An eagle pair successfully reared the chick at an artificial eyrie on the 10,000-acre Trees for Life Dundreggan estate. This positive news came as it emerged that a young tagged gold eagle known as Tom has gone missing in Perthshire. Tom was being satellite-tracked by Raptor Persecution UK. Springwatch presenter Chris Packham has also been working on the tagging project.The Tayside and Central Scotland Moorland Group said members of the community in Strathbraan had been out looking for Tom.On the Dundreggan estate an artificial nest was built five years ago high on a rocky crag, on the remains of an old nest site.Its purpose ...
Why a bitter legal battle could be ahead for Jeffrey Epstein’s estate

Why a bitter legal battle could be ahead for Jeffrey Epstein’s estate

Finance
Jeffrey Epstein attends Launch of RADAR MAGAZINE at Hotel QT on May 18, 2005.Patrick McMullan | Getty ImagesA long battle lies ahead as Jeffrey Epstein's estate grapples with legal claims over the distribution of his assets.The 66-year-old financier was facing federal charges of sex trafficking minors and sex trafficking conspiracy. He drew up his will on Aug. 8, just two days before he was found dead in a Manhattan jail cell.His death was ruled a suicide by hanging.The will details Epstein's property as being valued at more than $ 577 million, including fine arts, antiques and collectibles whose value is yet to be determined.This is well over the $ 11.4 million per individual federal estate and gift tax exemption for 2019 — the maximum amount you can transfer to your heirs without being s...