IR-2011-117: IRS Releases Guidance on Foreign Financial Asset Reporting
Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts. It is important to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply.
http://www.irs.gov/irs/article/0,,id=251216,00.html
Duke Law Firm, P.C.
Suite 205
1572 Montgomery HIghway
Birmingham, Alabama USA
Tel: 205.823.3900
Fax: 205.823.2630
Duke Law Firm serves as the key to unlock the complexities of today's wealth protection and asset protection world. We facilitate and implement the proper solutions for clients on a worldwide basis through trusts and/or entities and working directly with custodial banks/foreign asset managers, trusts companies and certified public accountants.
*Duke Law Firm works with asset managers and banks on behalf of clients but provides no asset management and no investment advice.
This Web site is purely a public resource of general information that is intended, but not promised or guaranteed, to be correct, complete and up-to-date. This Web site is not a source of advertising, solicitation or legal advice, and thus the material provided on this Web site is not intended to create, and the receipt of it does not constitute, an attorney-client relationship. Do not rely on information provided herein, and always seek the advice of competent counsel in the reader's state. The Web site owner is an attorney licensed in the States of Alabama and Florida and, the owner of this Web site and Duke Law Firm, P.C., do not desire to represent anyone who views this Web site in a state where this Web site fails to comply with all laws and ethical rules of that state. Please speak with one of our lawyers before sending information to the owner of this Web site or anyone listed herein.
No comparison is made for the services of Duke Law Firm and its lawyers, and the services of other law firms and their lawyers. Alabama State Bar Rules of Professional Conduct, Rule 7.1(c) and The Florida Bar Rules of Professional Conduct, Rule 4-7.2(b)(1)(D).
Duke Law Firm works with forward thinking investment managers to offer clients progressive and cutting edge, yet compliant, wealth preservation and wealth protection solutions. We work in a tightly knit international arena, allowing us to provide these solutions on a current and long-term basis to clients, including assistance to banks and investment managers.
High net worth clients choose Duke Law Firm for its knowledge, experience and network of associations. Duke Law Firm delivers unique specialized services in an ethical and compliant environment. Duke Law Firm works with loyal clients acquired strictly by professional referral (i.e., referrals from lawyers, accountants, financial planners, private banking departments and trust companies).
We represent clients in worthwhile opportunities by utilizing our knowledge, experience and expertise to make a difference.
International Estate and Asset Protection Planning
International Tax Compliance
Inbound Planning
Assistance to Banks, Asset Managers and Financial Institutions
Domestic Estate and Asset Protection Planning
Domestic Asset Protection Trusts
* These areas are the most complex in the entire Internal Revenue Code that requires extensive research and analysis, resulting in higher retainers and higher fees, when compared to other types of sophisticated tax work.
ATTORNEYS
Deborah P. Holmes
Legal Assistant
Certified Professional Paralegal
Certified PLS
Since 1978
debby_assetlaw.com
J. Richard Duke - Click for more info
Principal of Duke Law Firm, P.C.
richard_assetlaw.com
Professor J. Richard Duke is an international monetary and asset lawyer, and was named as a Leading Lawyer in the Sixth Edition of the Citywealth Leaders List (2011) and the Fifth Edition of the Citywealth Leaders List (2010) in Citywealth Magazine: www.citywealthmag.com
Mr. Duke was selected by his peers for inclusion in the 2011 edition of The Best Lawyers in America® in the practice area of Trusts and Estates. For over a quarter of a century, Best Lawyers® has been regarded by both the profession and the public as the definitive guide to legal excellence in the United States: BestLawyers.com
Named to list of "Top 100 Attorneys" in the U.S., Worth magazine, December 2005, 2006, 2007 and 2008 (four consecutive years and for each year that Worth included this designation).
A native Alabamian, J. Richard Duke is a Birmingham lawyer whose practice is unique to Alabama. He was born and raised in Lineville, Alabama, and is the Principal of Duke Law Firm, P.C., a small niche law firm that, beginning in 1991, developed an international practice, working with clients and other professionals around the world.
Duke Law Firm represents clients in international and domestic asset protection, international and domestic tax and estate planning, and represents private banking departments of foreign banks and foreign financial institutions in providing guidance for U.S. persons who want their money managed either directly or through established foreign structures (such as foreign trusts, foreign corporations, foreign limited liability companies or foreign insurance products).
The firm ensures that clients and prospective clients, including foreign banks and foreign financial institutions, are compliant with the newly adopted USA Patriot Act, the withholding and qualified intermediary rules under U.S. regulations and "Know Your Customer" rules of the Financial Action Task Force (FATF).
Duke Law Firm also represents clients with respect to investments into the U.S. (inbound planning), in addition to representing U.S. private clients in international estate planning, foreign business tax planning, international asset protection planning, investing through foreign banks or foreign investment management institutions, and accessing the worldwide market and international insurance products.
Duke Law Firm has also been engaged by professionals to represent clients who are being audited by the IRS with respect to international transactions.
Richard Duke shares his expertise as an Adjunct Professor of Law, "Thomas Jefferson Graduate Program," Thomas Jefferson School of Law (San Diego, CA, 2008-present) (formerly teaching at the Diamond & Diamond Program at St. Thomas University School of Law, International Taxation (LL.M.) Program, Miami, Florida (2000-2007)); and an Adjunct Professor of Law at the Cumberland School of Law of Samford University (International Tax and Asset Protection Planning) (1983-1999); Who's Who in America, 2008 (62nd) Edition.
John M. Walker - Of Counsel
Walker Law Firm, LLC
john_assetlaw.com
Mr. Walker became Of Counsel to Duke Law Firm in 2007 in the area of international asset protection planning and international taxation.
Currently, Mr. Walker is earning his Master of Laws (LL.M.) degree in international taxation and financial services from the Thomas Jefferson School of Law. He has focused on cross border transactions, especially those involving the European Union and the effective use of business trusts.
Mr. Walker earned his J.D. from the Cumberland School of Law, at Samford University. He concentrated his studies on taxation and business planning. He was admitted to the American Journal of Trial Advocacy Law Review, and was later published in the Journal as a student on the Employee Retirement Income Security Act (ERISA) of 1974. Mr. Walker was admitted to the Alabama Bar in 1994.
After several years advising small businesses on strategic development, he earned his master of science degree in electrical engineering through the IEM (Information and Engineering Management) program at the University of Alabama in Birmingham, AL. Through this program, Mr. Walker focused on technical entrepreneurship and dynamic business architectures. While earning this degree, he lectured in the IEM program on entity selection and business planning.
Recently, he worked with a large multinational corporation to reduce their global effective tax rate on dividends, interest payments and capital gains. His proposal reduces tax rates on dividends from the current level of 18% to 0%; leaves the tax rate on interest payments at 0%; and reduces the tax rate on capital gains from 20% to 0%. This tax efficient structure is completely tax transparent and tax compliant. Through Duke Law Firm, he is working with U.S. clients residing in the U.S. and abroad to complete their 2011 Offshore Voluntary Disclosure Initiative applications and to create and implement tax efficient and tax transparent plans for private clients to invest outside of the U.S.
Mr. Walker will be published in an upcoming issue of Tax Talk Magazine, the first South African tax magazine that deals exclusively with tax issues for the South African market. Look for his article Heads They Win, Tails We Lose; Is owning intellectual property in a jurisdiction other than where it was developed smart business or tax dodging?
Education: University of Georgia (BS); Cumberland School of Law of Samford University (JD); University of Alabama at Birmingham (MSEE); Thomas Jefferson School of Law (LL.M. Expected).
Associations: Admitted to the Alabama Bar
Julie L. Addison
International Legal Assistant
Since 1998
julie_assetlaw.com
Admitted to Alabama State Bar and The Florida Bar. "AV" rated by Martindale-Hubbell.
Counsel to the Ludwig von Mises Institute for Austrian Economics (1983-1989).
International Tax Planning Association; Society of Trust and Estate Practitioners; The Offshore Institute (1994-1999); International Bar Association (Section on Business Law; Committee on Taxes); International Business Law Consortium, Fellow and Honorary Legal Scholar and International Academy of Tax Advisors, Center for International Legal Studies, Salzburg, Austria (1996-1999); Inter-American Bar Association; Tax Section of the American Bar Association (Committee on Corporate Stockholders' Relationships, 1975-1977; Committee on Closely Held Corporations, 1977-1990; Committee on Individual Investments and Workouts, 1995); Real Property, Probate & Trust Law Section of the American Bar Association (Committee on Asset Protection Planning, 1997-); International Law and Practice Section of the American Bar Association (Committees on International Taxation and International Property, Estate & Trust Law, 1995); Real Property, Probate & Trust Law Section, Tax Section and International Law Section of The Florida Bar; Tax Section of the Alabama State Bar; Samford University Professional Advisors Counsel (1996-); Birmingham Committee on Foreign Relations (2004-); and named in the 2008 (62nd) Edition of Marquis Who'sWho in America.
Adjunct Professor of Law, "Thomas Jefferson Graduate Program," Thomas Jefferson School of Law (San Diego, CA, 2008-present) (formerly teaching at the Diamond & Diamond Program at St. Thomas University School of Law, International Taxation (LL.M.) Program, Miami, Florida (2000-2007)); Adjunct Professor of Law at the Cumberland School of Law of Samford University (International Tax and Asset Protection Planning) (1983-1999); Involved with the Center for International Financial Crimes Studies at the University of Florida College of Law; a member and Distinguished Fellow of The Royal Society of Fellows; speaker at the First Annual Global Conference on Money laundering, Compliance & Offshore Tax Planning, sponsored by The University of Florida College of Laws Center for International Financial Crimes Studies, St. Thomas University School of Law (Miami, Florida), The Bahamas Bar Association, and The Royal Society of Fellows (S-6); speaker at the Second Annual Conference: International Tax Planning, Banking Compliance and Anti-Money Laundering, December 4-6, 2002; speaker at the Third Annual Global Conference: International Tax Planning, Money Laundering, June 4-6, 2003; and speaker at the Fourth Annual Global Financial Strategies Summit, March 25-26, 2004.Member of the Editorial Advisory Board of the Asset Protection Journal, A Panel Publication, Aspen Publishers, Inc., (New York, 1999-2002); member of the Editorial Advisory Board of Offshore Finance U.S.A., O.F.C. Publications Inc., (Canada, 1998-2002); member of the Editorial Advisory Board of Vault, O.F.C. Publications Inc., (Canada); co-author of "Offshore Tax Strategies" newsletter; and editorial advisor to "The Jacobs Report on Asset Protection Strategies".
PUBLICATIONS
CONFERENCES
TELEPHONE: 205.823.3900
FAX: 205.823.2630
E-MAIL: julie_assetlaw.com
1572 Montgomery Highway, Suite 205
Birmingham, Alabama 35216 USA
Google Maps - Click here
Avoiding Loss of What You are Saving; Due Diligence on Domestic and Foreign Investment Advisors and Systems. How an Asset Protection Lawyer Protects Clients from Theft and Insolvency, by J. Richard Duke, The Florida Bar Conference, Annual Wealth Protection 2011: Crisis Management Using Asset Protection Techniques (May 13, 2011, Ft. Lauderdale, Florida)
Fiat Money and the Federal Reserve, by J. Richard Duke (October 2010)
Dubai Digest: Entity Structuring in Dubai: Part II, by J. Richard Duke, Offshore Investment , September 2008: http://www.offshoreinvestment.com
Comment: IRS Targeting of Offshore Promoters, by J. Richard Duke, and Dubai Digest: Entity Structuring in Dubai, by J. Richard Duke, Offshore Investment , July/August 2008: http://www.offshoreinvestment.com
Controlled Foreign Corporation Tax Guide, Third Edition, by Vernon K. Jacobs and J. Richard Duke , available for purchase by either hard copy or Internet: http://www.offshorepress.com/
Qualified intermediary and withholding rules, by J. Richard Duke, April 2007, Vol. 15, Issue 4, STEP Journal.
Offshore, Legitimately, by J. Richard Duke, Trusts & Estates , a PRIMEDIA Publication (New York, NY) (Nov. 2006).
Superfluous supervision? by J. Richard Duke, December 2006, STEP Journal . This article was first published in the STEP Journal, the magazine of the Society of Trust and Estate Practitioners, with a readership of over 24,500 practitioners and key regulatory, government and industry figures. To find a STEP practitioner, please go to www.step.org or call +44 (0)20 7838 4885. To subscribe to the STEP Journal, please go to www.step.org/subscribe or call +44(0)1423 85 11 50
The American Way, by J. Richard Duke, November 2006, Trusts and Estates Law & Tax Journal , published by Legalease Ltd. www.legalease.co.uk To subscribe, call +020 7396 9292 or Fax +020 7396 9300.
Offshore Lawyers Have "Trials" Too, by J. Richard Duke, Offshore Investment (December 2005/January 2006).
U.S. Uniform Trust Code, by J. Richard Duke, Global Assets , Finance Publications Offshore Ltd. (St. Helier, Jersey, Channel Islands) vol. 3, no. 4 (Autumn 2005). This article has not been updated to reflect additional U.S. states that have adopted the Uniform Trust Code.
J. Richard Duke authored two chapters, "Tax Compliance and Reporting For Offshore Trusts" and "Uses of Foreign Life Insurance in International Estate Planning," in the book Asset Protection Strategies: Planning with Domestic and Offshore Entities (The American Bar Association, 2002)
The Offshore Tax Boot Camp Seminar Manual, Second Edition, by Vernon K. Jacobs, CPA, and J. Richard Duke, LL.M., Research Press, Inc. (Prairie Village, Kansas 2002)
Using the Foreign Nongrantor Trust in Offshore Testamentary Estate Planning, by J. Richard Duke, Sovereign Tax Journal (2002)
Legal Ways to Save by Vernon Jacobs and Richard Duke is an extensive collection of tax reduction alternatives that are sanctioned by the U.S. tax law and will work anywhere in the world. Do you want to know how to save taxes offshore or just how to save taxes without getting into an argument with the IRS? Do you wonder if you are paying more taxes than the law requires?
http://www.offshorepress.com/legalways2save.htm
To order:
http://offshorepress.stores.yahoo.net/semreg.html
Offshore Tax Strategies by Vernon Jacobs and Richard Duke is an abbreviated primer on the U.S. tax rules for offshore investments, foreign trusts, foreign corporations, foreign partnerships and other foreign entities. And it is written with a minimum of tax jargon. An extensive plain English glossary is included with the book. Offshore Tax Strategies is a summary description of all the basic elements of international taxation. Printed copies are available for $67. An E-book edition is available for just $37. For more information or to order: http://www.offshorepress.com/offshoretax/
Duke Law Firm Newsletter
January 2012.pdf
June 2011.pdf
ARCHIVES
2005
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July 2009.pdf
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May 2010.pdf
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2006
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2004
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2008
Sept 2010.pdf
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June 2004.pdf
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2011
International Business (Do's and Don'ts)
Alabama Power Supplier Relations & Diversity Minority Business Seminar, July 26, Birmingham, Alabama
Avoiding Loss of What You Are Saving; Due Diligence on Domestic and Foreign Investment Advisors and Systems. How an asset protection lawyer protects clients from theft and insolvency.
Florida Bar Annual Wealth Protection 2011, "Crisis Management Using Asset Protection Techniques," May 13, Miami, Florida
2010
International Tax Issues from a U.S. Perspective
Asia Offshore Association (AOA) Beijing Conference, March 7-10, Beijing, China
Investment Regulation: How U.S. Tax Law Impacts Secret Management Accounts; Securitisation and the International Credit Crisis: Asset Planning in the Face of the Current Market Volatility; What do Western Wealth Managers Need to Know about Islamic Investments?
Conservative investments and Asset-Backed Bonds
Offshore Investment World Offshore Convention 2008, October 21-22, San Juan, Puerto Rico
Domestic and International Asset Protection Planning
Cleveland-Marshall College of Law 4th Annual Great Lakes Federal Tax Institute, May 15-16, Cleveland, Ohio
2007
The Use of Trusts in Asset Protection Planning
National Business Institute, Demystifying Asset Protection Vehicles, July 9, Birmingham, Alabama
Offshore Asset Protection Trusts, Offshore Trust Cases, Tax Compliance and Reporting, Penalties Relating to Foreign Trusts, and Planning for Foreign Nongrantor Trusts
BSII Executive Education, Chartered Wealth Manager and Certified Trust and Estate Practitioner, April 24-26, Key Largo, Florida
Tax and Practical Issues Relating to Foreign Investment in U.S. Real Estate & Their Challenges for Attorneys and Other Professionals
Pratfalls, Pitfalls and Profits of Foreign Investors in U.S. Real Estate, The International Law Committee of the Orange County Bar Association and Orlando International Council, February 14, Orlando, Florida
Offshore Asset Protection Trusts; Offshore Trust Cases; Tax Compliance and Reporting; Penalties Relating to Foreign Trusts; Planning for Foreign Nongrantor Trusts
BSII Executive Education, Chartered Wealth Manager and Certified Trust and Estate Practitioner (October 10-11, Annapolis, Maryland ) and (November 7-8, Scottsdale, Arizona )
Analysis of IRS Attacks on Certain Offshore Structuring
The Offshore Institute and the American International Depository & Trust, The Offshore Institute 2006 Roundtable: Your Passport to Greater Knowledge of New Trends and Developments in the Offshore Finance Industry, April 20, Denver, Colorado
U.S. Update
Society of Trust and Estate Practitioners (STEP) 12th Annual International Trust Conference, November 25, Jersey, Channel Islands
Asset Protection
Rochdale Offshore Investment Management, Asset Protection: How to Protect and Preserve Your Personal Assets and Family Wealth Through Offshore Planning and Investing Strategies, October 18, Charlotte, Nortth Carolina
Comparison Between Bahamian, BVI and Delaware Companies; Corporate Ownership of Real Estate in the U.S.; Case Study
Legalease, Practical Issues in Company Administration and Practical Issues in Trust Administration, September. 22-23, The Bahamas
Dealing With Beneficiaries in the UK and the USA -- A Comparison; Case Study
Legalease, Practical Issues in Trust Administration and Practical Issues in Company Administration, Sept. 19-20, Grand Cayman
Structuring Nongrantor Trusts
Euromoney Seminars, 2nd Annual International Trust, Tax Planning & Compliance Forum, March 17-18, Miami, Florida
What, Why, When, How and Where
The Florida Bar Annual Wealth Protection Conference, Creating a Successful Wealth Protection Practice, May 13, Miami, Florida
The Advantages Versus Disadvantages of Domestic and Foreign Asset Protection Trusts
The Florida Bar, Florida Bar Annual Wealth Protection Conference, May 14, Miami, Florida
Global Estate Planning Techniques" and "Tax Reduction Strategies
Royal Society of Fellows, Global Financial Strategies Summit: Serving the Client, Protecting Yourself, March 25-26, Miami, Florida
Anti-Money Laundering; Update on Trusts and Companies (Including LLCs) and Other "Tools" Available to You and the Clients That You Serve
Nevis International Financial Services Industry, 2nd Nevis International Financial Services Industry Conference, August 26-27 Nevis, West Indies
2003
Offshore Trusts: View of the U.S. Courts and a Practitioner's Response
Society of Trust and Estate Practitioners Annual Jersey Conference, November 21, Jersey, Channel Islands
USA Patriot Act; Money Laundering; Asset Protection and Recent U.S. Jurisprudence
3rd Annual Congress - Offshore Tax Planning, Anti-Money Laundering, Banking Compliance, The University of Floridas College of Laws Center for International Financial Crimes Studies, St. Thomas University School of Law (Miami, Florida), The Bahamas Bar Association, and Society of Fellows, June 4-6, Grand Cayman
Tax Aspects of Going Offshore
Offshore Press (Vernon Jacobs), Offshore Tax Boot Camp Seminar, February 13-16, Las Vegas, Nevada
Due Diligence--"Know Your Customer" Rules: Financial institutions and professionals are required to obtain complete due diligence on individuals or companies in order to "know the customer" or "know the client." This is required under the USA Patriot Act and the Financial Action Task Force, as well as the "Best Practices" requirements of the Real Property, Probate and Trust Law Section of the American Bar Association and Circular 230. Until due diligence is completed by a prospective client, including proving the source of funds, the attorney-client relationship cannot be established. A lawyer provides advice only to a client.
In order for us to comply with the due diligence requirements, we must receive information (by e-mail, telephone, fax or mail) regarding your fact situation, your goals and desires. We can then determine whether the areas in which this firm practices will provide you with the necessary knowledge, expertise, and experience for proper representation.
The Alabama Bar Rules of Professional Conduct, Rule 1.1, Competence, state: "A lawyer shall provide competent representation to a client."
The Florida Bar Rules of Professional Conduct, Rule 4-1.1, Competence, state: "A lawyer shall provide competent representation to a client. Competent representation requires the legal knowledge, skill, thoroughness, and preparation reasonably necessary for the representation."
A lawyer cannot have the required knowledge, skill, thoroughness and preparation necessary for competent representation until the prospective client completes the due diligence requirements and provides any relevant documents and instruments.
Competent representation by a lawyer for a client can occur only when the prospective client completes the required due diligence (as requested by the lawyer), including receipt from the prospective client all relevant documents and instruments, allowing the lawyer to use the legal knowledge, skill, thoroughness and preparation necessary for the representation of a client and the establishment of the attorney-client relationship and the attorney-client privilege.
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