For the most part, even though the U.S. Virgin Islands is not a state, most U.S. federal laws apply in the Territory. This includes federal tax law. However, that law is not governed by the Internal Revenue Service. Instead, a separate local tax code called the “mirror system” exists, and it is administered instead by
The Tax Benefits of Giving to a Charitable Remainder Trust
Charitable trusts allow you to leave behind a significant portion of your property and assets to charity. It also has the added benefit of providing you with some outstanding tax benefits.
The most common form of charitable trust is known as a charitable remainder trust. Such a trust is simple to set up. You transfer
Are HOA’s Required to File Tax Returns?
Homeowners, condominium and timeshare associations (“Associations”) often make the mistake of not filing tax returns based on the belief that they are exempt from having to do so. However, Associations are required to file tax returns like any other corporation, even if they’re not-for-profit.
Fortunately, most Associations don’t have much, if any, tax liability. This
Several Factors May Result in a Challenge to a Will
Challenging a will is often a very difficult process. An overwhelming majority of wills go through the probate process without much problem, which means their validity is verified. Unless there are unusual circumstances, court officials aim to have wills go through just as the testator intended.
There are some circumstances, however, in which an individual
Protecting Your Intellectual Property Through Estate Planning
If you are a business owner or simply own valuable intellectual property, you can pass these assets down to your chosen heir(s) through smart estate planning, just as you would with any other property.
Intellectual property rights do not end with the death of the creator—they are allowed to be passed on through a number
What You Should Know if You Owe Money to the VI Bureau of Internal Revenue
Whenever you or your business owes money to the Virgin Islands Bureau of Internal Revenue (BIR), it is important to ensure you comply with all federal and territorial laws to avoid significant legal complications. Remember, there’s no chance that you will be able to outrun the BIR, so it is not worth trying.
The following
The Requirements for Recording a Deed Executed in a Foreign Country
Grantors of U.S. Virgin Islands real property executing a deed in a foreign country may face additional legal hurdles in conveying property. Although the basic steps remain the same as for a deed executed within the Territory, there are important differences that should be noted. These include: (i) the formalities that must be present during
AB Trusts Can Significantly Reduce Your Tax Burden
If you’re married and would like to get the most out of your joint federal estate tax exemptions, one effective option is an AB trust. There is a common misconception that these types of trusts only benefit people who have large, valuable estates, but in actuality anyone who could owe estate tax may benefit from
Knowing the Best Methods for Passing on a Business to Your Heirs
After you’ve worked so hard to build and grow your business, it’s important to know how to pass it on to your beneficiaries.
To do this, you need a sound succession plan in place that will guide the future of your business if you decide you no longer want to run it—or in the event
U.S. Senate Faces Pressure to Repeal Estate Tax
The federal estate tax has been the subject of much debate in the United States for many years. Now, the federal government is facing pressure once again to repeal the tax for good—and the effort is generating a great deal of support.
A letter sent March 15 by the Family Business Coalition to Senate Majority