Today’s world is increasingly mobile. It’s increasingly common for estate planning attorneys to have clients who weren’t born in the United States or who own property outside of the United States. How do we meet the needs of these clients? The threshold question is the citizenship of the individual. Is the client a citizen of the United States (whether or not they are also a citizen of another country)? If they are a U.S. citizen, they are subject to estate tax on their worldwide assets, … [Read more...] about Planning for the International Client
Non-Resident Alien
International Estate Planning Needs May Increase with “Brexit”
Recently, the world was stunned when the United Kingdom voted narrowly to leave the European Union. This exit of Britain, often called “Brexit”, could have many consequences, mainly in Europe, but some in the United States, as well. E.U. nationals may need to leave the U.K. U.K. nationals may need to leave E.U. countries Goods might no longer flow freely between the U.K. and E.U. countries As a result, there is likely to be increased movement of Americans and nationals of … [Read more...] about International Estate Planning Needs May Increase with “Brexit”
Planning for International Clients: Part 1 Estate Taxation
Planning for international clients takes special care. This blog focuses on the estate taxation of the people involved based on their citizenship. In next week’s blog I will examine foreign assets. A person who is a citizen of the United States gets an exclusion of $5.25 million this year ($5.34 million in 2014). The same exclusion applies to someone who is not a U.S. citizen, but is a U.S. resident. In both cases, the person’s worldwide assets are subject to estate taxation. So, even their … [Read more...] about Planning for International Clients: Part 1 Estate Taxation
