Tax Elections in Estate Planning for Non-U.S. Residents: Sec. 645 Elections, Entity Classification, Risks
Treating Foreign Trusts as Part of the Foreign Estate and Mitigating Adverse Tax Implications of CFCs and PFICs
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE webinar with Q&A
This CLE course will focus on the key issues that arise for attorneys and tax advisers in estate planning for resident and nonresident aliens, focusing on relevant tax rules, tax elections, entity classifications, and potential estate planning pitfalls and opportunities. The panel will also discuss methods for treating foreign trusts as part of a foreign estate and mitigating adverse tax implications of CFCs and PFICs.
Outline
- Complexities of cross-border estate tax planning
- Residency and domicile
- Transfer tax situs rules, treaties, and foreign tax credit
- Leveraging and issues with U.S. tax elections
- Nonresident decedents
- Foreign trusts; Section 645 elections
- Entity classification; eliminating CFCs and PFICs
- Elections to mitigate adverse taxation from PFICs
Benefits
The panel will review these and other key issues:
- What are the estate planning challenges for nonresidents?
- How do the concepts of citizenship, domicile, and residency impact planning?
- What is the impact of transfer tax situs rules?
- How can you leverage tax treaties and foreign tax credits?
- How can you use U.S. tax elections in estate planning for nonresident decedents?
- How can the Section 645 election be used for certain foreign trusts?
- Hows does entity classification impact the treatment of CFCs and PFICs for purposes of estate planning?
Faculty
Jack R. Brister, TEP
Managing Member
International Wealth Tax Advisors
Mr. Brister specializes in U.S. tax planning and compliance for non-U.S. families with international wealth and asset... | Read More
Mr. Brister specializes in U.S. tax planning and compliance for non-U.S. families with international wealth and asset protection structures which include foreign trusts, estates and foundations that have a U.S. connection, as well as foreign companies wanting to do business in the U.S. He also specializes in foreign investment in U.S. real property, and other U.S. assets, pre-immigration tax planning, U.S. expatriation matters, U.S. persons in receipt of foreign gifts and inheritances, foreign accounts and assets compliance, offshore voluntary disclosures, FATCA registration, executives working and living abroad and annual reporting. He has been widely published, in addition to speaking at numerous international engagements.
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Alistair (Sandy) Christopher
Partner
Withers Bergman
Mr. Christopher assists successful U.S. and international individuals and their families in achieving their key tax and... | Read More
Mr. Christopher assists successful U.S. and international individuals and their families in achieving their key tax and non-tax goals. His practice focuses on the tax and estate planning needs of U.S. and non-U.S tax payers. Mr. Christopher advises on all aspects of transfer tax planning and associated income tax planning for wealthy people, utilizing a variety of sophisticated techniques such as trust decanting, foreign grantor trusts, dynasty trusts and sales to intentionally defective grantor trusts, to create and to implement tax-efficient multi-generational wealth transfer structures. He has significant experience working with private equity and hedge fund professionals, as well as in the creation and on-going administration of family offices and the issues facing trustees in the administration of complex trusts.
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Magda Szabo, CPA, JD, LL.M.
Tax Partner
CS CPA
Ms. Szabo is a founding member of CS CPA LLC. She is both an attorney and certified public accountant with a focus on... | Read More
Ms. Szabo is a founding member of CS CPA LLC. She is both an attorney and certified public accountant with a focus on international tax matters for both individuals and entities. Ms. Szabo has experience as an attorney and an accountant with international firms and has been a partner at major New York accounting firms. She is a published author with numerous articles featured in national publications as well as IRS Comment Letters regarding Proposed Regulations and IRS Notices. In addition to her law degree, Ms. Szabo has a Master of Laws in Taxation from Case Western Reserve School of Law, a Master’s of Accountancy from Cleveland State University and an APC in International Tax from NYU School of Law. She is barred as an attorney in New York, Connecticut, Pennsylvania, and Ohio and licensed as a certified public accountant in New York and in Ohio. Ms. Szabo is also barred and has litigated cases in U.S. Tax Court.
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