The world in which we live is becoming increasingly more global. It is common nowadays to have family members residing not only in multiple states in the U.S., but multiple countries around the globe. Individuals are choosing to work outside of their home country due to increased work opportunities, higher compensation elsewhere and alternate tax structures. Investors are also becoming more savvy, always looking for a good investment opportunity, regardless of the location of the asset.
With one of the largest family wealth practices in the Western U.S., Luce Forward has a growing and experienced international estate planning practice group. Luce Forward blends the expertise of its multidisciplinary legal team to formulate confidential, tax efficient and highly individualized wealth managements plans. Our attorneys have a wealth of experience in dealing with a broad range of estate planning matters involving multiple jurisdictions, such as Mexico, Japan, China, India, Singapore, Canada, countries throughout the European Union, Argentina, Venezuela, Indonesia, and Brazil. In addition to English, our attorneys speak Spanish, French, Mandarin, Cantonese, Japanese and Taiwanese.
U.S. tax laws can become a quagmire for the unwary and the ill-advised client. Tax traps abound, but in knowing what to avoid and how to plan, there is opportunity for tax savings, instead of risk of tax problems. For foreign persons, many may be surprised to learn that they may be subject to U.S. gift tax and estate (death) tax even though they are neither U.S. citizens nor residents. With proper international tax and estate planning, the U.S. estate tax for a non-U.S. citizen who is not residing in the U.S. may be minimized, deferred or completely eliminated. Below is a list of just a few of the services we offer to our clients:
- Coordinate and develop an estate plan for individuals who have family and/or assets in multiple countries that will deal with potentially conflicting laws, minimize to the extent possible double taxation and carry out the individual’s estate planning objectives.
- Analyze and advise on U.S. residency issues from a U.S. income tax perspective for a non-U.S. citizen person, living in the United States on a temporary basis.
- Analyze and advise on U.S. residency issues from a U.S. transfer tax perspective (i.e., gift, estate and generation skipping transfer tax) for a non-U.S. citizen person, living in the United States.
- Advise the non-U.S. person on acquisitions of U.S. situs assets.
- Coordinate and develop an estate plan to minimize and/or eliminate U.S. estate taxes on U.S. situs assets for the non-U.S. person.
- Advise on the possible tax consequences and reporting requirements associated with making a gift or bequest to a U.S. beneficiary and develop a tax efficient plan to minimize U.S. transfer taxes both at the donor level and the donee level.
- Advise on the U.S. income tax and transfer taxes that may arise for the married couple when one spouse is a U.S. citizen and one spouse is not.
- Advise on the U.S. income tax, transfer tax and reporting rules associated with establishing a non-U.S. trust that does or may have a beneficiary who is either a U.S. citizen or resident.
- Advise on how to avoid inadvertent triggering of gift taxes when transferring funds or making gifts to beneficiaries residing in the U.S.
- Develop and implement estate plans to minimize U.S. estate taxes on a non-U.S. person’s U.S. assets.
- Provide pre-immigration and expatriation tax planning.
We believe in working with a client’s existing advisors in a coordinated effort to develop and implement tax efficient strategies that work both in the United States and in the other relevant country or countries. For those clients who do not have foreign advisors, we work closely with fellow members of the Pacific Rim Advisory Council (PRAC), a unique strategic alliance within the global legal community, with unparalleled expertise on the legal, tax and business issues facing the broad Pacific Rim region. PRAC consists of 30 top-tier, independent law firms, each of which provides legal services to major international clients with assets and/or business activities across the Pacific Rim region. PRAC member firms have offices in over 60 international commercial centers in the following countries: Argentina, Austria, Belgium, Brazil, Canada, Czech Republic, Chile, China, Columbia, Croatia, England, France, Germany, Hong Kong, Hungary, India, Indonesia, Japan, Korea, Malaysia, Mexico, The Netherlands, Peru, Philippines, Poland, Russia, Singapore, South Africa, Spain, Taiwan, Thailand, United States, Venezuela and Vietnam.