International Tax and Estate Planning

In a burgeoning, competitive global environment, where mobility is a necessary attribute for key executives, many non-U.S. citizens find themselves living and working in the United States for a period of time during their professional careers.  Some elect to remain in the United States as permanent residents, green card holders, or citizens, while many return to their countries of origin after their employment term has expired.

In either scenario, while in the U.S. there are critical estate planning measures that must be undertaken to protect the non-U.S. citizen and his or her family, which include the preparation of a last will and testament, health care proxy and living will, authorization to release protected medical information, and a power of attorney.

Forethought and proper planning can ensure advantageous estate and gift tax treatment for the non-U.S. citizen as well as proper representation in the U.S. for medical and financial matters. Pre-immigration planning, which often entails establishing trusts, corporations, and making lifetime gifts before one enters the U.S., can go a long way is alleviating the need for planning once in the U.S.

Furthermore, should the non-U.S. citizen pass away during his or her term of residency in the United States, there are considerations beyond advantageous tax elections, which include providing for a surviving spouse and the children of the non-U.S. citizen, that must be addressed. A holistic approach for the non-U.S. citizen, which includes other key professionals in financial advisory and insurance, is necessary.

McManus & Associates is a trusted advisor for international families with financial interests around the globe. The firm has extensive experience assisting non-U.S. citizens and U.S. residents holding overseas assets with the following:

  • 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 QDOT
  • Limitations on lifetime gift transfers between non-U.S. citizen spouses
  • Planning for U.S. citizens/U.S. residents with 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
  • Tax consequences and planning for expatriating green card holders
  • Annual reporting requirements for assets outside of the U.S.
  • Taxation of foreign trusts

For more information, see our “Top 10 Planning Issues for Non-U.S. Citizens Including U.S. Residents with Overseas Assets”. Also, read more about Estate Planning Dangers for Non-U.S. Citizens here.

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