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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, January 24, 2023

  • 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 estate planners and tax professionals with a guide to estate planning tax challenges and opportunities for clients who have a tax presence in both the U.S. and UK. The panel will discuss the U.K. tax law and treaty provisions that govern tax liabilities in cross-border scenarios involving the UK and the U.S. The webinar will focus on the U.K. tax and other consequences for UK clients with a U.S. tax presence and U.S. taxpayers who own or plan to invest in UK-situs real estate and other assets.

Faculty

Marilyn McKeever
Partner
BDB Pitmans LLP

Ms. McKeever works principally with international individuals and families, and the trustees of their trusts, to help them manage the family wealth. She focusses on planning for non-UK domiciled clients, especially those with a US connection, and advises on all aspects of offshore and onshore trusts and wills, and the remittance basis of taxation.

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Lara Mardell
Legal Director
BDB Pitmans LLP

Ms. Mardell provides English legal and UK tax advice to individuals and trustees, particularly those with international connections, including the US, Canada, the Far East, the Middle East and Europe. She frequently works with local professionals from these jurisdictions, coordinating cross-border advice.

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Description

The long-standing ties between the U.S. and UK result in significant economic migration. Many U.S. citizens and permanent residents have property interests in the UK and vice-versa. Estate planning counsel and advisers must identify the tax and wealth transfer planning rules and opportunities specific to U.S. and UK citizens with assets and presence in both countries.

The differences between U.S. and UK estate and wealth transfer rules present several challenges. The UK has an inheritance tax for all capital assets on the death of a taxpayer when applicable, and separate tax charges can arise on transfers to trusts and within the trusts themselves.

While the U.S.-UK tax treaty allows for reciprocal credits for U.S. estate tax and UK taxes, estate planners must reconcile the differences between the two countries' tax regimes and proactively minimize the tax impact of wealth transfers. Tax advisers must thoroughly grasp treaty provisions, identify whether a client needs separate estate documents specific to each country, and recognize the U.S. and foreign income and estate/gift tax implications of transactions.

Listen as our expert panel provides guidance on how to plan the estates of clients with both U.S. and UK tax presence, including interests in business entities, real estate, and financial accounts. The panel will cover the legal and tax considerations when planning for the disposition of each type of asset.

Outline

  1. U.K. estate tax considerations for UK citizens qualifying as U.S. taxpayers
  2. UK wealth transfer regime
  3. Ownership of UK real estate by non-UK citizens
  4. Coordinating a UK will with U.S. will and trust documents

Benefits

The panel will review these and other relevant topics:

  • What considerations impact U.S. taxpayers wishing to hold real estate in the UK?
  • Coordinating U.S. estate plan with UK wills
  • How to deal with trusts
  • Treatment of inheritance of UK-situs property

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Distinguish between U.S. estate tax rules and UK law treatment of inheritances and gifts as taxable
  • Recognize restrictions and structures for foreign taxpayers to purchase real estate in the UK
  • Determine how to best coordinate a UK will with existing U.S. estate planning documents and structures

  • 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, drafting wills and trust documents, supervising other attorneys or estate planners. Specific knowledge of concepts regarding taxation of foreign investments held by U.S. taxpayers; familiarity with tax treaty provisions.

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).