A well-crafted estate plan is made up of two distinct yet interrelated parts: a plan for the passage of your assets and the documents that will put your plan into effect, both while you are alive and at your passing. We will work with you and your legal counsel to develop a comprehensive estate plan that considers all aspects of your financial situation.
When considering estate planning, there are many solutions:
US NON-RESIDENTS
A Non-Resident of the US may have exposure to US estate and gift taxes if he or she has US assets. These include US real estate, shares of US corporations, debt of US corporations, and personal assets located in the US. That Florida vacation home you own may result in an unintended tax liability at your death. Unlike income tax treaties, the US has few (18) tax treaties dealing with estate and gift taxes, only 3 of which are with non European countries. In addition, unlike the current $5.49 million per individual estate tax exemption for residents, a nonresident has a $60,000 dollar exemption and the remainder of the US assets are subject to US estate and gift taxes. We work with non-residents to plan to avoid and minimize US estate and gift taxes before they become a problem.
US RESIDENTS
Many of our clients are US estate tax residents but live in a foreign country. They have both US based assets and foreign based assets. They may be in line to inherit US based or foreign based assets. We work with the parents of US residents, who may themselves be non-residents, to ensure US estate and gift tax is minimized to future generations.
When considering estate planning, there are many solutions:
- Annual and lifetime gifting programs
- Revocable (living) and irrevocable (permanent) trusts
- Charitable planning and trusts
US NON-RESIDENTS
A Non-Resident of the US may have exposure to US estate and gift taxes if he or she has US assets. These include US real estate, shares of US corporations, debt of US corporations, and personal assets located in the US. That Florida vacation home you own may result in an unintended tax liability at your death. Unlike income tax treaties, the US has few (18) tax treaties dealing with estate and gift taxes, only 3 of which are with non European countries. In addition, unlike the current $5.49 million per individual estate tax exemption for residents, a nonresident has a $60,000 dollar exemption and the remainder of the US assets are subject to US estate and gift taxes. We work with non-residents to plan to avoid and minimize US estate and gift taxes before they become a problem.
US RESIDENTS
Many of our clients are US estate tax residents but live in a foreign country. They have both US based assets and foreign based assets. They may be in line to inherit US based or foreign based assets. We work with the parents of US residents, who may themselves be non-residents, to ensure US estate and gift tax is minimized to future generations.