Death & Taxes
The United States continues to be an attractive place to invest – either personally or through a business. U.S. taxation of income or gains generated in the United States is obvious, but individuals should be aware that their presence or immigration status will have an effect on whether the United States considers them “residents” or “non-residents” in any given year.
All U.S. green card holders and citizens as well as those who are ‘substantially present’ must file resident returns declaring their worldwide income as well as disclosing interest in foreign corporations and bank accounts. Please seek competent tax advice before making irrevocable steps.
Please also consider taking title to U.S. real property in a manner that makes transition to your heirs and loved ones as easy as possible. This means addressing estate tax (not the same as ‘inheritance tax’) issues and issues of your state’s estate administration beforehand. It is hard enough to lose a loved one without having to deal with the expense and complexities of a lengthy probate proceeding.
We are happy to consult with you or refer you to one of our experienced cooperation partners.
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