John O. McManus, founding principal of McManus & Associates and estate planning lawyer, during a recent client conference call addressed issues pertinent to the growing number of the firm’s non-U.S. citizen clients and clients with property overseas. Surveying the landscape for changes in estate and tax planning, John delivers the newest updates from the Eighth Annual International Estate Planning Institute that took place in New York City, as well as shares guidance based on years of experience providing service to non-U.S. citizen clients.
Some of the topics addressed may be familiar to those planning for non-U.S. citizens, such as protective trusts for the surviving non-U.S. citizen spouse to ensure that a marital deduction can be enjoyed. However, John also introduces the new Report of Foreign Bank and Financial Accounts (FBAR) rules for foreign account holders. Below please find a complete list of the matters that are discussed during this conference call:
- Custody and international transport issues for minor children when non-domestic guardians are named
- Planning for estate tax exposure for non-U.S. citizen spouses
- Planning for estate tax on principal distributions from a qualified domestic (QDOT) Trust
- Planning for foreign assets to avoid U.S. estate tax
- Planning for non-resident aliens with U.S. property
- Inheriting international assets as a U.S. resident
- Limitations on lifetime gift transfers between non-U.S. citizen spouses
- Tax consequences and planning for green card holders residing in the U.S. for more than eight years
- Annual reporting requirements for assets outside of the U.S.
- Taxation of foreign trusts