Description
For estate planners, the world seems to be getting smaller as more clients with international interests seek solutions to increasingly complex issues regarding their estate and tax planning matters. In a time of stepped-up tax enforcement, you need to be fully fluent regarding complex U.S. income, estate, and gift tax rules affecting United States clients who own foreign property, who have foreign financial accounts, or who are beneficiaries of foreign trusts, as well as noncitizens who live or invest in the United States, to reduce gift and estate tax exposure.
Estate planning for the assets of U.S. citizens who reside or have assets abroad, non-U.S. citizens who reside in, are moving to, or want to invest in the United States, and multinational families with assets or family members in more than one country can bring a world of concerns. Failing create a coordinated international estate plan with thorough multijurisdictional considerations may result in dramatic consequences, including assets passing to the wrong beneficiaries and excessive taxes.
Whether you are an experienced attorney or newer to this practice area, you will benefit from this examination of the essential nuts and bolts of a solid plan.
Here's what you will learn:
- Applicable transfer tax exemptions
- Situs rules and common planning techniques for non-U.S. domiciliaries with assets or beneficiaries in the U.S.
- Planning considerations for U.S. persons with assets or beneficiaries abroad
- Reporting on IRS Form 3520