Jonathan On Money28 Touko 2025

Episode 110: IN FOCUS: Gifts and Bequests from Covered Expatriates with John Kiely (McDermott Will & Emery)

Join Jonathan I. Shenkman, President & CIO of ParkBridge Wealth Management, as he goes “IN FOCUS” to explore more advanced wealth planning topics.

This week, we will go IN FOCUS where we cover more advanced wealth planning topics.

Today, we are joined by John S. Kiely, who is Counsel at the law firm McDermott Will & Emery LLP based in New York City. John will be discussing “The IRS Issues Final Regulations on Gifts and Bequests from Covered Expatriates.”

By way of background, Section 2801 of the Internal Revenue Code was enacted in 2008 and imposes a 40% tax on gifts and bequests from covered expatriates. Enforcement was stayed pending issuance of enabling regulations and the final regulations were issued on January 15, 2025, effective January 1. This tax is paid by the recipient and recipients are responsible for determining whether they have a tax filing and payment obligation. Individuals who receive gifts and bequests from covered expatriates, or distributions from foreign trusts that might have received funds from covered expatriates, need to know about these final regulations and the reporting obligations on a new form, Form 708.

***UPCOMING LIVE WEBINAR: On Thursday, June 5th @ 8:30am (New York time) featuring Angelika J. Herburger and Russell S. Ephraim, both from CBIZ Advisors, LLC based in New York City. Angelika and Russell will be speaking on “Understanding Pass-Through Entity Taxation.” Register here: https://us02web.zoom.us/webinar/register/WN_CIBY7Q0UTu6TqhG9W2_KrQ ***

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Episode 161: IN FOCUS: Hot Topics in State Tax Residency - Audit Enforcement and Wealth Taxes with Tim Noonan (Hodgson Russ)

Join Jonathan I. Shenkman, President & CIO of ParkBridge Wealth Management, as he goes “IN FOCUS” to explore more advanced wealth planning topics. This week, we go IN FOCUS where we explore mo...

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