Description
In today’s uncertain world, more high-net-worth Americans are exploring alternative residency or citizenship options to safeguard their wealth, create new opportunities, and secure their legacy. However, where you hold citizenship doesn’t have to limit where you live.
After acquiring a second passport, tax considerations come into play. Should U.S. citizenship (or green card status) be terminated? What are the tax consequences? When considering expatriation, the focus often shifts to navigating the complex income, estate, and gift tax implications. As trusted advisors to clients seeking these alternatives, it's essential to deliver estate planning solutions that are clear, cost-effective, and designed to avoid litigation—ensuring their assets and future are fully protected.
Domestic tax advisors are increasingly facing complex international issues related to U.S. clients looking to expatriate. The IRS has specific tax rules for expatriates that can create significant paperwork and potential tax liabilities. Tax advisors are also frequently asked for advice on acquiring second citizenships or establishing residency outside the United States—just in case, whether or not expatriation is currently planned.
Join for this two-hour webcast as our expert panel of seasoned professionals delve into key estate and gift tax considerations, sharing the latest opportunities for acquiring a second citizenship, as well as practical planning strategies to address the challenges for U.S. citizens considering expatriation.
Expatriation and U.S. tax-related topics include:
- The exit tax rules of IRC Section 877A: Defining expatriate, covered expatriate, citizen, and long-term resident
- What makes an expatriate a covered expatriate?
- Exceptions to covered expatriate status: dual citizens, age 18 1/2.
- How the exit tax rules create income tax liability for covered expatriates
- Mark-to-market rules and retirement/deferred compensation plans are discussed
- Planning techniques to reduce or eliminate exit tax liability: gifts, valuation discounts
- The paperwork uniquely applicable to the exit tax: Form 8854, Form W-8CE
- The estate/gift tax collateral damage for covered expatriates: a brief introduction to IRC Section 2801
Second citizenship topics include:
- Insight into the advantage and disadvantages of this growing trend
- Clarification what investment migration entails, including the process and purpose behind obtaining citizenship or residency through investment
- Common misconceptions surrounding second passports and residency in foreign countries, separating myth from reality
- Key considerations and popular program options for Americans, especially those considering expatriation, to help them make informed decisions.
This program is for estate planners of Americans seeking ways to mitigate risk, create opportunity and preserve their wealth and legacy by obtaining an alternative residence and/or citizenship.