ERA Singapore’s Post

Irrevocable trusts offer tax benefits and asset protection, but come with a loss of control. Savvy explores the key considerations for this estate planning tool. https://lnkd.in/g_txu6GH

𝟲 𝗧𝗔𝗫𝗘𝗦 𝗬𝗢𝗨 𝗡𝗘𝗘𝗗 𝗧𝗢 𝗖𝗢𝗡𝗦𝗜𝗗𝗘𝗥 𝗪𝗛𝗘𝗡 𝗕𝗨𝗬𝗜𝗡𝗚 𝗟𝗔𝗡𝗗 You need to acquaint yourself of these taxes when you purchase a piece of land. This should be part of your budget. 1️⃣ 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗚𝗮𝗶𝗻𝘀 𝗧𝗮𝘅 *You pay this when you sell something at a price higher than you spent to buy it. In other words, it is a tax levied on the earnings gained from selling capital assets. . 2️⃣ 𝗥𝗲𝗮𝗹 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗧𝗮𝘅 *That is paid annually for owning real property such as land, building, improvements, and machinery. The Local Government Unit imposes this tax as a means of raising their revenue to fund basic public services they provide. . 3️⃣ 𝗗𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝗮𝗿𝘆 𝗦𝘁𝗮𝗺𝗽𝘀 𝗧𝗮𝘅 *It is a tax charged on documents, instruments, any loan agreements, and papers evidencing the acceptance, assignment, sale, or transfer of an obligation, right, or property. . 4️⃣ 𝗧𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝗧𝗮𝘅 *Is imposed whenever there is a transfer of ownership of the real property through sale, donation, or any other mode. The rate ranges from 0.5% to 0.75% of the zonal value or selling price of the property, whichever is higher depending on the municipality where the land is located. . 5️⃣ 𝗗𝗼𝗻𝗼𝗿’𝘀 𝗧𝗮𝘅 *Is imposed on the free transfer of property between two or more persons by donation or gift provided they are still alive at the time of the transfer. . 6️⃣ 𝗘𝘀𝘁𝗮𝘁𝗲 𝗧𝗮𝘅 𝗼𝗿 𝗜𝗻𝗵𝗲𝗿𝗶𝘁𝗮𝗻𝗰𝗲 𝗧𝗮𝘅 *Is imposed on the privilege of transferring property upon the death of the owner of the land to the lawful heirs. You need to file and pay the Estate Tax before the ownership of any real property can be transferred from the decedent to his/her heirs. #CCTO #filipinohomes #LRdreamTeam

In case you missed it previously, we’re offering another chance to explore the significant impact of IT3(d) reporting on s18A donation deductions with industry experts Sidney Fletcher (Senior Manager Trust and Deceased Estate Tax Compliance, Tax Consulting South Africa) and Roxshanna du Toit (Independent Trust and Fiduciary Services expert). Discover why IT3(d) reporting is now a pivotal element for maintaining your PBO’s exemption status. Our webinar is set for 29 April 2024 at 16:00 SA time. Don't miss out on these critical insights! https://bit.ly/4beiWDj #s18ADonationDeductions #PBOCompliance #PublicBenefitOrganisations #FiduciaryExperts #TrustTaxCompliance #IT3dReporting

Did you know that if a 1% real estate transfer fee were in place in 2022, 84 municipalities would have raised more than $1 million?  Revere and Somerville could have raised $10 million to $12 million, Cambridge could have raised $28 million, and Boston could have raised $70 million with a 1% levy. Those funds would have stayed in those communities to build more housing. Learn more here: https://lnkd.in/eftaadia

Do you know what hidden profits are? 🧐 If you're still bothered by this question and what does not constitute hidden profits, then read our article on the subject as soon as possible 💸 #WeAreVGD #VGD #VGDPolska #EstonianCIT #hiddenprofits

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the heirs. However, the recipient is liable to income tax on any profit earned after the inheritance, such as dividends from shares and to capital gains tax on the increase in value on assets after the date of inheritance. #IHT #InheritanceTax #Inheritance

If you're navigating property transactions in the UK, understanding Stamp Duty Land Tax (SDLT) is crucial! 🏡💼 Join us in this informative video as we break down SDLT, its application in different regions, and explore various relief options that can save you money. From First Time Buyers' Relief to exemptions for charities and developers, we've got you covered! 🔍💡 Stay informed and make smarter property decisions. Don't forget to like, share, and subscribe for more insights! If you need any assistance in tax and property laws matters, please message us via help@bizlawuk.co.uk or WhatsApp at 07583452230 to connect with one of our experts. Connect with us via our social media at https://linktr.ee/bizlawuk Please give us a 5 star rating if you found this podcast topic useful and subscribe for more useful updates from Bizlaw U.K. Remember Prevention is better than Cure. Credits: gov.uk Disclaimer: This is not a substitute for legal advice, and we don't accept liability #propertytransactions #StampDutyUK #ReliefOptions #FirstTimeBuyers #RealEstateUK #TaxRelief #PropertyInvestment #HomeBuyersGuide #UKPropertyMarket #TaxationExplained #RealEstateTips #SDLTRelief #LegalAdvice #FreeportTaxSites #PropertyDevelopers #HomeBuyingTips #TaxSavings #UKHousingMarket

🎉Y'all! I was so excited about this HUGE improvement in Texas' property tax law; proving I'm both a nerd, and a property tax expert. I made a video to share the amazing news with all of my #LinkedIn friends. Make sure you share with your fellow #Texans. #dfw #realestatelaw #propertytax #protest #valuation #legalupdate #aarea

Explore tax law essentials with Brach Eichler's latest Tax Alert on "Contemporaneous Written Acknowledgement and Qualified Appraisal." Get insights on tax deductions and legal requirements for donors. Ideal for navigating complex tax rules, especially for substantial contributions. Read the full article now: https://ow.ly/EMPx50QQmeq #TaxLaw #CharitableDonations #TaxDeductions #QualifiedAppraisal #FinancialPlanning #TaxRegulations *This is intended to provide general information, not legal advice. Please contact the authors if you need specific legal advice.

This year's Private Client Exchange France was held in Vence on October 12 to 13, 2023. Margaret O'Sullivan, along with trust and estate lawyers from many different countries who are members of the Private Client Global Elite, representing 250 lawyers selected as the world’s leading private client and trust and estate lawyers. The venue on the French Riviera was spectacular!   The Exchange was a dynamic interactive forum and we explored challenging issues affecting private clients. Some of the topics included:   1) pre-nups and post-nups for high net worth and international clients; 2) transparency, trusts and pressure points; 3) approaches to tax compliance and enforcement being taken by tax authorities around the world; 4) charitable planning and jurisdictional differences; and 5) curative legal remedies when estate and trust planning goes awry.   #estate #estates #estatelaw #estateplan #estateplanning #estatestrategy #estatemanagement #estateplanningattorney #estateplanninglawyer #estatelawyer #estatetax #probate #probatelaw #privateclient #privateclients #hnw #highnetworth #highnetworthindividuals #wealth #wealthy #wealthplanning #wealthbuilding #wealthmanagement #wealthmanagementservices #wealthtransfer #wealthpreservation #wealthadvisor #wealthmanager #wealthmanagers #wealthprotection #generationalwealth #financialadvisor #financialadvisors #hnwi #uhnwi #billionaire #tax #taxes #incometax