Planning For Non-US Citizens
Just because you don’t live in the US doesn’t mean you aren’t subject to its taxes and policies. Non-resident foreign nationals can be subject to a probate process, as well as estate and gift taxes just like US citizens and residents if their income or assets are based in the US. The rules for non-resident foreign owners of US based properties are complex, and the penalties are severe for ignoring them. Without proper planning, foreign nationals can be liable for the large amount of estate tax at their death. Foreigners doing business in the US do not have the benefit of a high exemption amount for estate tax and tax-free transfer to a surviving spouse. Furthermore, the probate process often takes up to 18 months, leaving your loved ones without access to your assets and greatly inconveniencing the people you are about most. When they finally get what’s left, the court costs, attorney fees, and bond premium can amount to more than 10% of the total amount. This arduous process must be repeated in every single state where you own property, exacerbating the situation even further. I will work with you to set up a US trust holding US based assets and companies so you can legally save as much as possible in taxes – and avoid the probate processes that are so hard on surviving family members after you are gone. By planning carefully from the start with only your best interests in mind, you can avoid losing control of your assets both while and after you are alive. By working with US counsel that is experienced in the complex policies relating to non-resident foreign nationals, your wealth will be structured in the most tax friendly and thoroughly protected manner.