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Gift and Estate Tax Planning for Foreign Assets: Reporting Requirements, Strategies for Tax Counsel and Estate Planners

A live 90-minute CLE/CPE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Tuesday, December 10, 2024 (in 3 days)

1:00pm-2:30pm EST, 10:00am-11:30am PST

or call 1-800-926-7926

This CLE/CPE webinar will provide tax counsel and estate planners with a practical guide to navigating foreign assets in estate and tax planning and available techniques. The panel will discuss U.S. tax law as applied to foreign assets for estate planning purposes and go beyond the basics to detail intricate strategies for minimizing gift and estate taxes and pitfalls to avoid in handling foreign assets in estate planning.

Description

The government assesses and collects FBAR liability and penalties from beneficiaries and executors after a decedent's date of death and after assets are distributed. Tax counsel and estate planners plan accordingly to minimize taxes while executors must include determining compliance with foreign reporting obligations as a necessary step when reviewing, settling, or reporting a decedent's estate.

The penalty for non-willful FBAR violations is $10,000; this can be waived for reasonable cause. Willful non-filing, however, can result in penalties of $100,000 or 50 percent of the account balance, whichever is larger. Advisers must be able to identify and distinguish between a potentially willful or non-willful violation to accurately advise clients.

In addition to the FBAR, Form 3520 must be filed when a person receives a gift, inheritance, or distribution from a trust established by a foreign entity or individual. In addition to the 3520, owners of foreign trusts must file Forms 8938 and the FBAR. The trust itself must annually file for 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner.

With thoughtful planning, clients may avoid unexpected aspects of U.S. tax law that could significantly impact family wealth. Estate planners must review clients' foreign companies and offshore mutual funds, consider the implications of foreign trusts, establish a gifting program, explore the use of insurance, and examine other methods of preserving wealth and minimizing estate and gift taxes.

Listen as our panel of experts discusses planning techniques for foreign assets, identifying trusts and estates with foreign reporting obligations, required forms, and other key issues.

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Outline

  1. Taxes, income, estate and gift
  2. Non-U.S. Grantor with U.S. beneficiaries
  3. Solutions for NRAs owning assets in the U.S. such as real estate in the U.S.
  4. Tax treaties
  5. Pre-immigration considerations
  6. Outbound Grantor Trust Structures – various jurisdictions
  7. International Business Companies – Check the Box Elections for non US assets owned by NRAs
  8. International Banking - KYC
  9. Recognition of Applicable Tax Compliance Forms
  10. Review Forms 3520-A, 3520, 8938, 8858, FinCen 114 (FBAR), 5471 & 5472

Benefits

The panel will discuss these and other critical issues:

  • Estate and gift tax planning techniques available under current tax law
  • Key strategies for U.S. situs assets
  • Key considerations in utilizing and structuring trusts
  • Identifying willful and non-willful FBAR violations
  • Uncovering reportable foreign assets held by trusts and estates
  • Preparing Forms 3520 and 3520-A for foreign gifts and distributions received

Faculty

Gotlieb, Ruben
Ruben Gotlieb

Partner
Greenspoon Marder

Mr. Gotlieb is a partner with Greenspoon Marder’s International Wealth and Asset Planning and Wills, Trusts &...  |  Read More

Linder, Carl
Carl Linder

Partner
Greenspoon Marder

Mr. Linder is a partner and Co-Chair of the International Wealth and Asset Planning Group at Greenspoon Marder. He has...  |  Read More

Attend on December 10

See NASBA details.

Cannot Attend December 10?

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video