Tax and Jurisdictions
The 2020 election did not result in the massive blue wave that many predicted, but there are definitely still blue ripples reaching shore—especially now that Democrats won both Senate seats in the Georgia runoff elections.
The United Kingdom left the European Union last year and the transitional period which applies EU law to UK divorces expires on 31 December, 2020 at 23:00 GMT. This expiry will have potentially dramatic changes in international family law which will affect every wealthy family with a European connection.
Why would a family who at one time owned up to 50,000 acres sell a house that has been in the family for 40 generations? This is what Will Garton-Jones, owner of the Llanfendigaid Estate in Wales has chosen to do, but it is not a decision that he will have taken lightly.
There are a number of inheritance tax-saving strategies available, but apart from giving away cash, what are ultra-wealthy individuals and families doing to mitigate their exposure to IHT?
Families have accelerated their wealth transfers to their next generation before a possible victory by Democrat challenger Joe Biden in the US presidential election.
HM Revenue & Customs’ powers to obtain information from financial institutions are set to increase, with the requirement for taxpayer or tribunal approval to be removed. Although not yet in force, the legislation is at an advanced stage and will be of interest to family offices.
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