Estate Planning for Multinational Families: Navigating Interests in Foreign Business, Real Estate and Financial Accounts

Recording of a 90-minute CLE/CPE webinar with Q&A


Conducted on Wednesday, November 2, 2016

Recorded event now available

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Program Materials

This CLE/CPE webinar will provide estate planning counsel and tax advisers with a practical guide to planning tools and techniques for clients who are members of a multinational family. The panel will discuss estate planning complexities involved when a U.S. taxpayer has a foreign spouse or direct family member owning foreign or inbound-U.S. business, real estate and financial account interests.

Description

Many U.S. citizens and permanent residents have non-U.S. spouses or family members and or property interests or assets abroad; likewise, many non-U.S. citizens/non-U.S. residents have property interests or family members in the U.S. For these multinational families, estate planning can create some specific complications. Estate planning counsel and tax advisors must be prepared to assist these clients in navigating the complex tax and wealth planning rules associated with cross-border interests.

Counsel and tax advisers must take special care in handling conflict issues when determining which country’s laws govern the disposition of assets and the tax treatment of these transactions. There are myriad relevant rules to consider when planning for a disposition of business interests in U.S. or foreign corporations, partnerships and LLCs.

Estate planning for international families must take into account the U.S. and foreign income and estate and gift tax implications of wealth planning transactions. Often, income tax and wealth transfer tax implications are at cross purposes or the tax treatment is uncertain.

IRS guidance is vague on determining the situs of partnerships or LLCs and is even unclear on the treatment of gifts by check or wire transfer. Additionally, counsel and tax advisers must be proficient in applying the controlled foreign corporation (CFC), passive foreign investment company (PFIC), and foreign grantor and non-grantor trust rules.

Listen as our experienced panel provides guidance on how to plan the estates of clients with interests in foreign business entities, real estate and financial accounts. The panel will cover the legal and tax considerations when planning for the disposition of each type of asset.

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Outline

  1. Estate planning tax and legal issues for business interests in the international context
    1. Corporations
    2. Debt instruments
    3. Intangibles
    4. Partnerships and LLCs
    5. CFC and PFIC rules
  2. Wealth planning: Gifts, bequests and trusts for U.S. clients with assets abroad/non-U.S. clients with U.S. assets
    1. Gifts of money
    2. Dynasty trusts
    3. Foreign grantor trusts rules
    4. Non-grantor trust rules
    5. Real estate

Benefits

The panel will review these and other key issues:

  • Potential legal and tax pitfalls when planning for the disposition of a U.S. client’s financial and real property interests abroad and a non-U.S. client’s interests in the U.S.
  • The impact of situs rules on gifts and bequests by non-U.S. citizens/non-U.S. residents, including the disposition of interests in real property, business entities and debt instruments, and issues involved in converting assets to “intangible” interests
  • U.S. tax reporting and compliance issues relating to the disposition of interests in business entities, real property and financial accounts in the international context
  • Benefits and pitfalls of U.S. or foreign grantor or non-grantor trusts for cross-border estate planning, including potential uses of “dynasty” trusts

Faculty

Andrew Bernknopf
Andrew Bernknopf

Member
De Castro West Chodorow Glickfeld & Nass

Mr. Bernknopf is a tax, business and estate planning lawyer who takes an integrated approach to his...  |  Read More

Elizabeth L. Morgan
Elizabeth L. Morgan

Principal
Elizabeth Morgan & Associates

Ms. Morgan's practice focuses on high-net-worth families and family offices in complex multijurisdictional tax,...  |  Read More

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