Coming to America: Pre-Immigration Tax and Estate Planning Considerations

CREDITS: 1

CATEGORY: Professional Practice

SPEAKER: Host/Moderator: Jonathan I. Shenkman, AIF®, President, Shenkman Wealth Management
Panelists:
1) K. Eli Akhavan, Esq. LLM., Partner, Steptoe & Johnson
2) Lawrence Lipoff, CPA, Director, CohnReznik
3) Michael Wildes, Esq., Managing Partner, Wildes & Weinberg P.C.

This webinar will review the legal issues/challenges to becoming a citizen and then discuss relevant financial, tax, and estate planning topics. Some topics covered will include: Income taxation, treaty planning for the income tax implications, tax reporting requirements, international estate planning issues, how clients should handle assets in their home country, use of offshore funds, how taxes relate to portfolio management and cultural differences.

Topics & Learning Objectives Include:

Immigration Planning:

  • Overview of the immigration process
  • Getting a Green Card:
    • Overview
    • Process to get it
    • Is it necessary
  • The EB-5 program:
    • Overview
    • How it works
    • Best practices for advisors to consider when speaking to their clients about this program

    Tax and Estate Planning:

    • The primary tax goals that pre-immigration planning achieves
    • Strategies that are available to minimize the tax impact of becoming a tax resident and when to implement
    • How is a trust defined for United States tax purposes
    • What makes the trust domestic or foreign Is the definition limited to an entity called a “trust”
    • Existing trusts or civil law foundation set up before immigrating to the United States:
      • What tax issues do I need to be worried about?
    • Tax filing reporting requirements once I become a tax resident of the US?
    • Regret immigration to the US? How can I expatriate from the US?
    • If a pre-immigration trust is not a grantor trust for United States tax purposes, how do the constructive attribution rules work and what are examples of this?
    • Changes with a pre-immigration trust if the immigrant becomes a United States resident alien within five years?
    • When a pre-immigration trust is a foreign trust, what happens if the trust is domesticated?
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