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¶ … Planning
What issues should be considered when a freezing order is issued against your client?
A freezing order, of course, is when the assets in question are frozen. This does not change the ownership of the asset but it does deprive the person from moving or harnessing the asset for as long as it's frozen. A frozen bank account is a specific example of this but it can apply to life insurance or any other retirement asset. The courts can issue a freeze order as can certain high-level politicians like the President if there are foreign business or people involved. A freezing order does not mean that the assets have been or will be confiscated but it could end up being that way depending on what is going on.
As for how to react to a freezing order, the first order of business is to figure out why the assets in question were frozen. The reasons can vary quite a bit such as divorce proceedings, contestation of wills and/or probate, suspicions of criminal behavior by federal, state or local authorities and alleged involvement with countries and/or businesses that are deemed to be averse to the United States or the country at hand.
If it is a criminal matter, then the client should cooperate fully so as to get the assets unfrozen. If it's a will/probate/divorce matter, then the person who owns the assets will have to assert and testify that they should get the asset. If it's an international kerfuffle, then the person who owns the assets along with counsel can work with the courts and authorities to get the assets unfrozen (Adkisson, 2013).
Discuss the tax return requirements for trusts and estates with nonresident alien beneficiaries.
The major consideration when dealing with non-resident alien beneficiaries is whom taxes will be owed to. Non-residents for tax purposes typically pay little to nothing to...
Tax money may or may not be owed to the country in which the money is disbursed since the person in question is receiving money from that country. However, whether the person is a legal resident of that country and/or whether that person files jointly with someone who IS a resident can have a lot of effects on whether taxes are due and how much. Withholding tables are also usually advanced for non-citizens even if there is a strong to very strong chance that no money will be owed at the end of the year.
Regardless, a non-resident who receives any sort of income will need to take care and make sure that they pay any applicable taxes and file any applicable forms and returns up to and including a 1040, W-2, 1099 (of all types) and so on. Not doing so can run a person afoul of the local government and may endanger their status in the country or at least put them on record as owing tax moneys to the relevant government as the IRS (and other applicable national tax agencies) can be quite frenetic about getting their tax money (IRS, 2013).
When should a client consider a variable life insurance?
A variable life insurance, also often known as a variable universal life insurance policy (or VUL for short) can be attractive for two major reasons. First, variable universal life insurance policies build a cash value. This is something that is not true of all insurance policies. The money garnered from this aggregation of value can then be invested into…
References
Adkisson, J. (2013, March 27). New Uniform Asset-Freezing Orders Act Has Rocky Start In Colorado - Forbes. Information for the World's Business Leaders - Forbes.com. Retrieved August 18, 2013, from http://www.forbes.com/sites/jayadkisson/2013/03/27/new-uniform-asset-freezing-orders-act-has-rocky-start-in-colorado/
IRS. (2013, August 18). Taxation of Nonresident Aliens. Internal Revenue Service. Retrieved August 18, 2013, from http://www.irs.gov/Individuals/International-Taxpayers/Taxation-of-Nonresident-Aliens
IRS. (2013, August 18). Publication 535 (2012), Business Expenses. Internal Revenue Service. Retrieved August 18, 2013, from http://www.irs.gov/publications/p535/ch06.html
Kiplinger. (2010, June 1). Variable Life Insurance-Kiplinger. Personal Finance News, Investing Advice, Business Forecasts-Kiplinger. Retrieved August 18, 2013, from http://www.kiplinger.com/article/insurance/T034-C000-S001-variable-life-insurance.html
Planning Function of Management in an Information Technology Service When we speak of information technology, we usually associate it with advanced tools, systems, state-of-the-art, and automated devices. In developing such technologies, planning is an essential process to ensure the systems' and devices' success. This importance in development planning should be similarly set to management planning in an organization. This paper will discuss how management planning is set in a company, InfoServ,
The value of this case study is demonstrative. It demonstrates how contingency planning can be used, but it says nothing of the results. A quasi-experimental design was used by Chermack & Kim (2008) to explore the effect of scenario planning on decision-making styles. It was found hat participants in scenario planning have a tendency to make a mental shift towards intuitive-based decision-making styles after their participation in the scenario planning
Planning Decision Making Planning and decision making are two main and fundamental processes of an organization. Planning is one of the main factors with the help of which an organization can determine where it wants to be in the future. It is planning with the help of which an organization can determine as to what can be done in order to accomplish the mission and aims that an organization has. One
The policy has discussed the issue of contamination as a whole, it should be more specific about the threats posed by different types of chemicals, organic materials or other dangerous materials and in a broad perspective and compare these problems with one another in order to justify which is a bigger threat and which is considered a nominal threat, in this regard the policymakers should have given more info on
Planning and Implementing Change Pressure ulcers are one of the most serious concerns facing hospitals and nursing homes today. This is particularly the case with older people and those with serious disabilities that keep them bed-bound for an extended period of time. Remaining in one position for too long can cause painful and severe pressure ulcers, which often require hospitalization and invasive intervention. Indeed, according to Perry et al. (2012), nearly
..ERP combines them all together into a single, integrated software program that runs of a single database so that the various departments can more easily share information and communicate with each other." (Pang, 2001) the work of Les Pang (2001) entitled: "Manager's Guide to Enterprise Resource Planning (ERP) Systems" published in the Information Systems Control Journal informs this study that over the past ten years an organizations have significantly experienced