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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, August 30, 2022

  • 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.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$297.00
CLE
CPE
ALL

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.

Faculty

Anthony V. Diosdi
Partner
Diosdi & Liu, LLP

Mr. Diosdi is an experienced trial lawyer who regularly defends individuals and corporations in matters involving tax controversies and government regulatory enforcement. He also has vast experience assisting clients who find themselves with unreported or undeclared bank accounts outside the U.S. Mr. Diosdi is acknowledged as one of the nation’s leading experts in contesting penalties associated with failing to file FBARs. In addition to representing clients in tax controversy matters, he advises clients on U.S. international tax matters, including tax planning with respect to their structures and transactions. In particular, Mr. Diosdi has experience advising on issues relating to tax treaties, pre-immigration planning for foreigners moving to the U.S., expatriation planning, tax planning for foreign companies doing business in the U.S., and subpart F income minimization. More recently, he has focused on helping clients navigate U.S. tax reform, including the regimes for Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income, and the new limitations on foreign tax credits.

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Cynthia D. Brittain
Partner
Holland & Knight LLP

Ms. Brittain is a private wealth services attorney in Holland & Knight's Century City and Newport Beach offices. She works closely with private clients in the U.S. and around the world, designing efficient strategies that maximize tax benefits for individuals and their companies while meeting personal wealth transfer and business succession needs. Ms. Brittain has decades of experience advising high-net-worth and ultra-high-net-worth individuals and families on domestic and international income and estate tax planning strategies and philanthropic endeavors. Her practice offers significant cross-border experience for families whose members are multinational and whose companies have a global footprint. Ms. Brittain helps clients navigate complex issues relevant to international and domestic wealth and asset transfers. She also assists with pre-immigration planning and international corporate tax matters, leveraging her extensive experience with the cross-border regulatory laws that affect planning and compliance. Ms. Brittain is frequently sought out by international private clients and their advisory teams in urgent, high-stakes situations to help mitigate legal and reputational risk.

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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.

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

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify deductions that are allowed on Form 706-NA
  • Determine how estate and gift tax treaties affect an NRA's estate
  • Decide when Form 706-NA is due
  • Ascertain which individuals are required to file Form 706-NA

  • 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 preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

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.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).