Why you should attend
Individuals with connections to more than one country - international private clients - need sophisticated succession and tax planning advisors to help them navigate a complex and sometimes treacherous legal, tax and regulatory environment. These clients include U.S. persons with assets or beneficiaries outside the United States, as well as non-U.S. persons with U.S. connections. Their advisors must view a client’s specific circumstances from a multijurisdictional perspective. To do this effectively, advisers need to understand the interplay, both within and between countries, of income taxes, estate and gift taxes, marital property and inheritance laws, immigration and nationality laws, anti-money laundering and other financial regulations, tax and non-tax reporting requirements, the use (and sometimes abuse) of entities and arrangements such as companies, trusts and foundations, and the principles of conflict of laws. These factors must be addressed in an increasingly transparent environment created by recent unilateral and inter-governmental initiatives in tax enforcement and disclosure. You should attend this program to strengthen your understanding and expand your perspective of the fundamental and cutting-edge issues in estate and tax planning for international private clients.
What you will learn
- An understanding of the fundamental concepts and issues in multijurisdictional succession and tax planning for private clients with international interests or connections
- How current trends in inter-governmental cooperation (such as the Foreign Account Tax Compliance Act, the Financial Action Task Force and the Global Forum) are affecting international private clients and their advisers
- An update on recent tax legislation and legislative proposals affecting international private clients
- How to plan for the acquisition, use and disposition of personal use residential property in the U.S. by non-U.S. persons, and vice-versa
- How civil law entities such as foundations compare with common law trusts, and the potential advantages and disadvantages of each
- What U.S. tax and non-tax reporting requirements apply to U.S. persons with foreign assets or interests in foreign entities
- How domestic and foreign trusts are used in international estate and tax planning, and how settlors, trusts and beneficiaries are taxed in each case
- How to determine when an individual is a U.S. person (citizen or resident) or a nonresident alien, and the resulting U.S. tax and immigration law consequences of each status
Who should attend
Anyone who works with private clients with international interests or connections, including attorneys, accountants, relationship managers of U.S. and foreign financial institutions, insurance brokers, financial planners, employees of family offices, and anyone who acts in a fiduciary capacity for private clients with international interests or connections or their structures.
Morning Session: 9:00 a.m. - 12:45 p.m.
9:05 Foreign versus Domestic Trusts in Private Client Planning
- Fact pattern
- U.S. tax definition of foreign trust and domestic trust
- U.S. tax treatment of domestic trusts
- U.S. tax treatment of foreign trusts
- Non-tax distinctions
- Planning considerations
Ellen K. Harrison, Carlyn S. McCaffrey
10:40 Immigration and Emigration
- U.S. immigration planning for high net worth clients
- Accidental American Citizenship
- U.S. residency for tax purposes
- Expatriation for tax purposes
- Expatriation planning considerations
Steve Trow
11:40 Networking Break
11:50 Planning for the Acquisition, Ownership, and Disposition of U.S. Residential Real Estate by Non-U.S. Persons
- Alternative ownership structures: Domestic trusts, foreign trusts, corporations, LLCs, partnerships
- U.S. income tax considerations
- U.S. estate tax considerations
- Practical considerations
Dean C. Berry, Robert L. Dumont
12:50 Lunch
Afternoon Session: 1:45 p.m. - 5:00 p.m.
1:45 Case Study: Fundamental Concepts
- Developing an integrated estate and tax plan for assets governed by civil law principles of marital property and succession
- How civil law entities such as foundations compare with common law trusts, and the potential advantages and disadvantages of each
- Using trusts effectively in succession planning and defending trust structures against challenges.
- How Conflicts of Law principles may produce unexpected consequences and advantageous opportunities
- Using international conventions to simplify cross-border succession planning
Dean C. Berry, Michael W. Galligan, Stella Maris Lavin, Robert C. Lawrence III
2:45 Case Study: Reporting Requirements and Disclosures
- Review of experience in the foreign account voluntary disclosure program
- Continuing availability of voluntary disclosure
- Alternatives to voluntary disclosure
- Developments in international informational reporting
- FATCA, foreign trusts, and foreign trustees
Dean C. Berry, Karen Canavan Brodsky, Barbara T. Kaplan, Robert C. Lawrence III
3:45 Networking Break
4:00 Developments in Offshore Tax Compliance
- The offshore compliance issue
- Typical offshore schemes
- A case study
- IRS compliance initiatives
- Offshore examinations
- International information exchange
Bruce Zagaris
5:00 Adjourn
Co-Chair(s)
Speaker(s)
Program Attorney(s)
New York City Seminar Location
PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.
New York City Hotel Accommodations
The New York Hilton & Towers1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is 0495741. You can also
make reservations online to access Practising Law Institute rates.
The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: res.ny@warwickhotels.com
Sheraton New York Hotel & Towers, 811 7th Avenue, New York, NY 10019, 1-800-325-3535 or (212) 581-1000. When calling, please mention Practising Law Institute and mention SET#311155. You may also book
online.
PLI's live programs are approved in all states that require mandatory continuing legal education for attorneys, except Arizona. Please be sure to check with your state for details.
Please check the CLE Calculator above each product description for CLE information specific to your state.
Special Note: In New York, newly admitted attorneys may receive CLE credit only for attendance at "transitional" programs during their first two years of admission to the Bar. Non-traditional course formats such as on-demand web programs or recorded items, are not acceptable for CLE credit. Experienced attorneys may choose to attend and receive CLE credit for either a transitional course or for one geared to experienced attorneys. All product types, including on-demand web programs and recorded items, are approved for experienced attorneys.
Please note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement.
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Credit will be granted only to the individual on record as the purchaser unless alternative arrangements (prearranged groupcast) are made in advance.