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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Tuesday, December 10, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$297.00
CLE
CPE
ALL

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.

Faculty

Ruben Gotlieb
Partner
Greenspoon Marder

Mr. Gotlieb is a partner with Greenspoon Marder’s International Wealth and Asset Planning and Wills, Trusts & Estates practice groups. With over 30 years of experience, he concentrates his practice on international estate planning, international estate tax law, domestic estate planning, estate administration, and pre-immigration tax planning. Mr. Gotlieb also regularly advises clients on cross-border matters, including the new GILTI and FDII provisions of the 2017 Tax Act.

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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 advised individual, family office and business clients regarding global and domestic estate and gift taxes, corporate taxes, international taxes and state and local taxes. Mr. Linder works closely with financial institutions and other service providers in but not limited to New Zealand, Switzerland, Luxembourg, Andorra, Bahamas, Nevis, Cayman Islands, St. Lucia, and Anguilla. Additionally, he focuses on international trust planning primarily in the jurisdictions of the Cook Islands and Belize. Mr. Linder has used his knowledge to plan for inbound and outbound transfers of property, foreign entity structures including controlled foreign corporations and other international business companies, treaty based positions, real property transfers, investment tax credits and enterprise incentive programs (such as OZ Funds), personal income tax and tax related compliance issues. He has facilitated negotiations with federal and state tax authorities. Mr. Linder also drafts wills, trust agreements (domestic and international asset protection trusts, life insurance trusts, revocable and irrevocable Trusts), family limited partnerships and LLC’s and all other estate planning documents including health care directives and durable powers of attorney. He further advises clients on tax advantaged jurisdictions such as the Puerto Rico Act 60 program and the United States Virgin Islands Economic Development Commission (USVI EDC) program.

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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.

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

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify potential foreign asset reporting obligations of trusts and estates
  • Discern between willful and non-willful FBAR violations
  • Ascertain when Form 3520 must be filed
  • Determine the best steps to resolve past noncompliance

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, completing complex trust tax returns and trust documents, supervising other accountants or attorneys. The webinar presumes the attendee has foundational knowledge of international tax planning, and specific knowledge of US taxation of foreign trusts, and trust taxation rules.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.