Wiggin and Dana - Private Client Services

Warmest season's greetings from the Private Client Services Department at Wiggin and Dana LLP! As we reflect on the past year, we are filled with gratitude for the trust and partnership of our valued clients and colleagues. May your holidays be joyful, your new year prosperous, and may we continue to achieve great things together in 2025. Happy Holidays!

The nationwide injunction enjoining the Corporate Transparency Act (the “CTA”) was lifted by order of the United States Court of Appeals for the Fifth Circuit on December 23, 2024. This ruling notably impacts reporting companies subject to the CTA that were formed prior to 2024 and which were facing a January 1, 2025 deadline to submit their initial beneficial ownership information reports (“BOI Reports”) to the Treasury Department. Absent further direction from either the United States Court of Appeals for the Fifth Circuit or the Treasury Department, reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.) For more information, click here: https://lnkd.in/eQn6qHaG

Art is a unique asset. A piece of artwork may have incredible personal significance to the collector and the collector’s family. It may also be a lucrative investment and a significant estate asset. In the event of a collector’s death, artwork cannot be easily divided and distributed to beneficiaries. In this advisory, associate Kaitlyn Pacelli delves into five estate planning recommendations for the art collector to consider. To read the advisory, click here: https://lnkd.in/e7mGm9iF

As the new year approaches, the Wiggin and Dana Private Client Services Group has published our annual year-end advisory for 2024. This edition highlights noteworthy estate and gift tax changes and outlines planning opportunities for year-end and beyond. We also take a moment to recognize some of our accomplishments in 2024 and provide our outlook for the new year. To read the advisory, click here: https://lnkd.in/e2z6_xti

Enforcement of the Corporate Transparency Act (the “CTA”) and its implementing regulations (referred to herein as the “Reporting Rule”) – which require certain business entities formed or registered to do business in the United States (referred to herein as “reporting companies”) to report beneficial ownership information to the Treasury Department – was preliminarily blocked nationwide by a Texas federal court on Tuesday, December 3, 2024. To continue reading, click here: https://lnkd.in/e_4px_d7

In the final episode of our speaker series, Partners and Family Office Co-Chairs, Erin Nicholls, R.J. Kornhaas, and Dimitri Tournas delve into the unique capabilities and services offered to high net worth individuals and family offices, highlighting the firm’s expertise in real estate, corporate transactions, and personalized private client services. This episode also explores the evolving landscape of family offices, including the importance of proper governance and tailored legal counsel. Be sure to tune in to discover how we collaborate across departments to provide comprehensive solutions for our clients. To listen, click here: https://lnkd.in/eTGpXF2y

A quality education may be one of the best gifts to give a minor child or grandchild this holiday season. As the cost of education continues to rise, families may be contemplating various gifting strategies to accumulate funds, minimize taxes and ultimately support younger generations with their future security and education goals. In this advisory, authors Vanessa Maczko and Sara Osinski review two popular gifting strategies: Section 529 Education Savings Plans (“529 Plans”) and Crummey Trusts. To read the advisory, click here: https://lnkd.in/eZpQzFRK

On November 21st, Partner Michael Clear will be presenting at the XPX New York Breakfast, Post-Election Year-End Planning Panel: Essential Insights for 2025. The topics will include: •Tax-efficient wealth strategies amidst potential changes to the TCJA •Best practices for intergenerational wealth transfers and succession planning •Financial structuring and business variation insights for optimizing exit outcomes •Anticipated trends and regulatory shifts for 2025, following the recent election For more information, click here: https://lnkd.in/eXMU8Yre

Presenting with Erin Nicholls my #futurefocused co-host is always a pleasure. Advance Drafting Strategies/New England Federal Tax Institute - all done. Hope you enjoyed the presentation.

Today, Private Client Services Partners Erin Nicholls and Michael Clear will be presenting at the Connecticut Bar Association's event, 2024 Federal Tax Institute of New England. Erin and Michael’s session titled Protectors, Selectors, Substitutors, Oh My: Advanced Trust Drafting will provide an overview of trust design, emphasizing types of trusts, the role of trustees, the utilization of directed trusts, and the practical implications of distribution terms. Participants will hear about real-life cases examining the relationship between trusts, tax planning, and asset protection planning. For more information, click here: https://lnkd.in/eYm-7Fp3