Are you a non-U.S. citizen with a home in the U.S.? If so, one of the threshold questions you face is whether you are a U.S. domiciliary for estate and gift tax purposes. Your domiciliary status – a fact-intensive question best analyzed with an expert – is critical because it causes you to be taxed as a U.S. citizen relative to your worldwide assets, irrespective of where your assets are located. If you are considered a U.S. domiciliary / “resident alien”) you are subject to the same estate and gift tax rules that apply to U.S. citizens.
In order to best safeguard your assets in these complex situations, you must coordinate your US estate plans with the tax and administrative laws of other relevant jurisdictions. For instance, notwithstanding the provisions of a U.S. Will, your U.S. property may be subject to another country’s forced heirship or community property laws. Consult an Ally Law member firm multinational tax expert to determine the best structure for your estate, whether it is governed by the laws of one jurisdiction or possibly more. Ally Law member firms are experienced in tax and estate laws in virtually every country. For more information about our services in this area, contact us at yourally@ally-law.com.
For the complete article, click here.
By Williams Parker Harrison Dietz & Getzen.
