News & Analysis as of August 14, 2025

Tax Exemptions

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Key One Big Beautiful Bill Act implications for family offices and high-net-worth investors

McDermott Will & Schulte on 7/14/2025

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA), the most significant US tax overhaul since the 2017 Tax Cuts and Jobs Act (TCJA). The OBBBA includes critical changes impacting family offices,...more

Revised Tax Legislation Proposal No Longer Includes Certain Estate and Gift Tax Provisions

Goodwin on 11/3/2021

Certain revenue-raising proposals that would have affected the transfer tax regime and estate planning of high-net-worth individuals and trusts, which were included in the prior proposed bill in the House of Representatives,...more

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on 10/15/2021

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

Proposed Federal Tax Changes Take Aim at Wealthy Businesses and Individuals

Gould + Ratner LLP on 10/8/2021

The tax plan released last month by the Democratic-led House Ways and Means Committee would bring about extensive changes in the taxation of businesses and high-income individuals. Proposals Affecting Businesses - Key...more

U.S. House Proposals Would Significantly Impact Estate Planning for High Net Worth Individuals If Enacted

Goodwin on 9/30/2021

The U.S. House Committee on Ways and Means’ tax proposals would significantly impact estate planning for high net worth individuals if enacted. Gift, estate and GST exemption amounts would be decreased; grantor trusts would...more

Impact of New US Tax Law on High Net Worth Individuals, Trusts and Family Offices

Skadden, Arps, Slate, Meagher & Flom LLP on 1/24/2018

The newly enacted U.S. tax law makes significant changes to provisions of the Internal Revenue Code affecting high net worth individuals, their investment entities and family offices. These changes are likely to spur gift...more

Editorial: Expatriating From U.S. To Puerto Rico May Make Sense For Some

Bilzin Sumberg on 5/13/2013

The United States is one of only two countries in the world that taxes its citizens and residents on their worldwide income. Therefore, a U.S. taxpayer who earns only foreign-source income will be subject to U.S. federal...more

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