Navigating Estate and Gift Tax Treaties, U.S. Situs Assets, and Allowable Deductions

Impact of Death Tax Treaties on the Taxable Estate, Form 706, Form 706-NA

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

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Tuesday, August 30, 2022

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

or call 1-800-926-7926

This CLE/CPE webinar will provide trusts and estate attorneys with an in-depth discussion on interpreting estate and gift tax treaties and related challenges for certain assets and available deductions. The panel will discuss the application of U.S. tax laws to assets owned by green card holders and nonresidents, reporting requirements, Form 706-NA, assets included in the gross estate, available deductions, and the effect of death tax treaties on the taxable estate.

Description

Estates of U.S. residents and nonresident aliens are valued as of the date of death or, as an alternative, the date six months after. Determining the taxable estate will consider any available exemptions and certain allowable deductions. For high net worth clients based within the U.S. or those acquiring citizenship or permanent residency in multiple countries, counsel and tax advisers should recognize estate planning issues, applicable tax treaties, and available tax and estate planning options.

Generally, the first step is for counsel to establish whether a new client is a U.S. citizen or a legal permanent resident. U.S. tax law provides rules for determining whether a person is a nonresident and the situs of assets. Unlike U.S. residents and citizens, the nonresident alien exemption is substantially lower--$60,000 compared with a resident's exemption of $12,060,000 (2022)--making planning critical for these taxpayers.

Tax treaties may entail provisions that overrule the Code and provide some tax relief and benefits for nonresidents but are not always intuitive. However, the differences raise issues not encountered with the administration of the estates of U.S citizens and domiciliaries.

Counsel must understand the practical issues in obtaining original or ancillary probate or administration, potential conflicts between civil law of the nonresident's domicile and U.S. inheritance laws, U.S. treatment of marital property regimes, U.S. estate tax situs rules, and estate tax treaties and collection procedures.

Listen as our experienced panel discusses the application of U.S. tax laws to assets owned by green card holders and nonresidents, reporting requirements, Form 706-NA, assets included in the gross estate, available deductions, and the effect of death tax treaties.

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Outline

  1. Filing requirements
  2. Determining the gross estate
  3. Deductions and the allowed exemption
  4. Death tax treaties
  5. Obtaining and filing Form 5173, Transfer Certificate
  6. Planning to reduce the taxable estate

Benefits

The panel will review these and other critical issues:

  • How U.S. estate and gift tax treaties affect the determination of the taxable estate of an NRA
  • How a nonresident obtains and files Form 5173, Transfer Certificate
  • What assets are included in the gross estate of an NRA
  • What deductions can be taken on Form 706-NA

Faculty

Brittain, Cindy
Cynthia D. Brittain

Partner
Karlin & Peebles

Ms. Brittain serves as a trusted counsel to high-net-worth families in the United States and abroad to implement...  |  Read More

Diosdi, Anthony
Anthony V. Diosdi

Partner
Diosdi Ching & Liu

Mr. Diosdi is an experienced trial lawyer who regularly defends individuals and corporations in matters involving tax...  |  Read More

Attend on August 30

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Cannot Attend August 30?

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.

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