Written by Matthew J. Leonard and Ruth A. Mattson

World travelers are always looking for keepsakes to stay connected to foreign lands. A prized memento such as a local handicraft or a cap from a favorite destination can bring joy with no government involvement beyond a sales tax. However, travelers sometimes want something more permanent, such as a home in their foreign paradise. In contrast to a trinket, a beach condo in Mexico or a farm in New Zealand remains in that country, governed by local law even when it is owned by a foreign person. The mix of laws that regulate how foreigners can own and use real property may surprise purchasers. To ensure that their purchase does not become a cautionary tale, purchasers should coordinate with US and foreign advisors before and after the transaction.

From the Internal Revenue Service’s (IRS’s) issuance of private letter rulings regarding extensions and trust modifications to a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA) deadlines and newly released Medicaid and Veterans and Survivors Pension figures, we have recently seen significant legal developments.

From Internal Revenue Service (IRS) and court decisions that certain trust modifications may result in gift tax liability to a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA) and a Social Security Administration (SSA) final rule omitting food from in-kind support and maintenance (ISM) calculations, 2024 was full of significant legal developments. To ensure that you stay abreast of these changes, we have highlighted some of the most noteworthy developments of the year and analyzed how they may impact your estate planning, elder and special needs law, and business law practices.