Tag: international

Conference Call: Top 10 Planning Issues for Families with Multinational Interests

Having cross-border ties is enriching for families, but also creates unique challenges, from special asset-reporting requirements to obstacles related to the appointment of guardians for your children. John O. McManus, founding principal of McManus & Associates, today shared insight with clients on 10 important considerations for families with multinational interests. Click play below to listen to the call recording:  

 

  1. What are the obstacles when appointing guardians who reside overseas? Since the Court oversees the appointment of guardians for minor children and the participation of other government agencies is required, the process for transitioning a child’s residency from the U.S. to a foreign country is lengthy and costly.
  1. What should you know about income taxes when you begin a career in a new country? U.S. citizens working internationally continue to have U.S. tax obligations (in addition to foreign taxes) and must consider how these different taxes are interrelated.
  1. What is a “covered expatriate” and why should you avoid being classified as one? If you surrender your green card after maintaining it for 8 of the last 15 years, you may have exposure to current and future taxation in the U.S.
  1. What are the U.S. reporting requirements in connection with international assets and the penalties for failing to satisfy them? The failure to notify the IRS about an inheritance received from a non-resident or certain accounts held in a different country can result in significant monetary and criminal penalties.
  1. What are the gift and estate tax concerns when you are married to a non-U.S. citizen? Without proper planning, transfers to a spouse who is a non-U.S. citizen may be unnecessarily subjected to gift and estate tax.
  1. How do gift and estate tax affect Non-Resident Aliens with U.S. assets or U.S. beneficiaries? Non-Resident Aliens only have a $60,000 lifetime gift exemption and estate tax exemption, meaning that Federal taxation of their U.S. assets upon death can be punitive.
  1. Why should Non-Resident Aliens consider life insurance? Life insurance may have a number of uses for a Non-Resident Alien’s heirs and it has the additional benefit of not being taxable in the U.S. as part of the estate.
  1. How can a Wealth Transfer Plan mitigate anticipated estate tax on a Non-Resident Alien? Non-Resident Aliens should strongly consider the use of protected Trusts to hold assets which would otherwise be subject to U.S. estate tax upon death and to keep those assets out of the estates of their U.S. beneficiaries.
  1. What are the estate planning and estate administration implications of owning a property located in a different country? Each nation has its own tax and procedural rules regarding the transfer of wealth during lifetime and after death which must be evaluated to ensure the foreign assets are received by the intended persons as efficiently as possible.
  1. What must you know before making a donation to a foreign charitable organization? Gifts made to charitable organization based overseas may not be deductible for U.S. income tax purposes unless certain requirements are met.

International “Boutique Firm of the Year” Finalist and “Advisor You Need To Know”

McManus & Associates Honored as “Boutique Firm of the Year” Finalist for STEP Private Client Awards

John O. McManus also named “Advisor You Need To Know” in The New York Enterprise Report (NYER) Accountant & Attorney Awards

NEW YORK, NY – July 24, 2013 – McManus & Associates is the only American law firm that has been named a finalist for the Society of Trust and Estate Practitioners (STEP) Private Client Awards 2013/2014 in the “Boutique Firm of the Year” category, the firm announced today. STEP is an invitation-only professional association for worldwide leading practitioners dealing with family inheritance and succession planning. It has 18,500 members across 80 jurisdictions from a broad range of professional backgrounds.

The STEP Private Client Awards “highlight excellence among private client solicitors/attorneys, accountants, barristers, bankers, trust managers and financial advisors.” The successful criteria for finalists includes:

  • Demonstrate excellence over the past year, taking into account significant obstacles that have been overcome.
  • Demonstrate consistent quality of work over the past year.
  • Demonstrate excellent client service building on-going relationships aligned with the interests of clients in a transparent and cost effective manner, and where appropriate, bespoke.
  • Demonstrate excellence in leadership, including a clear vision for the future.
  • Demonstrate excellence in technical skills and a qualified team with support for on-going continual professional development and education.
  • Where applicable, demonstrate innovation and involvement in interesting, challenging or new areas of practice.
  • Demonstrate conflict management by differentiating itself from its competitors and exploiting opportunities.
  • Demonstrate a broader contribution to the profession – contribution to wider social responsibility, including support for good causes and maintaining high standards of staff treatment.
  • Demonstrate staff retention and explanation for its achievement and maintenance.

The Awards judges have assessed entries and shortlisted up to five finalists worldwide. The Awards ceremony will take place on September 18, 2013 in London.

John O. McManus, founding principal of McManus & Associates, was also recently chosen for The New York Enterprise Report’s (NYER) “Accountant & Attorney Awards: The Advisors You Need To Know,” presented by Citibank. This is the fourth year that the newly revamped program has recognized top business advisors in the New York Tri-State Area. According to the NYER, “accountants and attorneys are consistently considered among the most impactful advisors for business owners. This program celebrates the accountants and attorneys who have made an outstanding impact in helping their clients succeed.”

The advisors are highlighted in a special editorial section within the July/August 2013 issue of The New York Enterprise Report magazine, as well as on nyreport.com. The top accountants and attorneys were announced at a networking reception on June 19, 2013 at the Citi Executive Conference Center.

To see additional awards that McManus & Associates has been grateful to receive, visit the firm’s Honors & Recognitions page: https://mcmanuslegal.com/about-us/honors-and-recognitions/.

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About McManus & Associates

McManus & Associates, a trusts and estates law firm, was formed in 1991 by John O. McManus to provide the highest quality experience of the largest firms coupled with the intimacy and efficiency of a specialized boutique firm. Over 20 years later, McManus & Associates continues to earn its reputation for integrity, intellectual ability, efficiency, and enduring relationships through its signature 10-Step Wealth and Family Values Protection Process™.

For more information contact:

Lauren DuBois

(917) 573-2485

communications@mcmanuslegal.com