We are assisting clients with their income tax liabilities regarding assets held outside the United States and helping non-U.S. citizens to understand their U.S. tax liabilities. Yahne Miorini is frequently a speaker regarding estate and gift topics for non-U.S. citizens.
Estate Planning for Non-Citizens:
The concept of residency, while based on visa status for income tax purposes, is based on several criteria for estate and gift tax purposes. Therefore, an individual may have a non-resident status for income tax and a resident status for gift and estate tax.
The estate and gift tax rules are very different for a non-resident alien and a resident alien. Certain tax advantages provided to spouses do not apply to non-citizen spouses such as the unlimited marital deduction or the joint-property ownership presumption for a couple
Tax Reporting Obligations:
The U.S. federal government has a very extensive tax reporting requirement including the declaration of accounts and investments held outside of the United States, and for gifts received from abroad. Even though no tax may be due, drastic penalties and criminal charges may be encountered if certain tax returns are not filed.
Finally, the status of expatriate and foreign trusts has a lot of specificities and serious tax implications not only for the individual or trustee but also for the recipients of gifts or distribution from either the expatriate or the foreign trust.
We can assist you to assess your taxable situation, or offer you an estate plan tailored to your needs.
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