Attorney John Newman highlights some legal issues when preparing Wills and Trusts for non-US citizens.
If you or a member of your family has foreign investment accounts, and/or interests in trusts, corporations or other foreign entities that have not been disclosed to the IRS, I strongly suggest you read on, because there is a growing list of reasons to “come clean” now.
Granted, in this strangest of winters we’re all more than ready for the arrival of a little snow and ice. But attorneys in Vermont may also want to think about preparing their clients for the arrival of ICE of a different sort – the federal agency of Immigration & Customs Enforcement, also known as ICE.
In our immigration practice, we receive the occasional call from a Canadian who wishes to enter the United States but cannot due to a criminal conviction. For example, we recently advised on the case of an individual who had been barred from entering the United States because of a conviction for the possession of one marijuana cigarette in the United States 10 or 20 years ago (at a time when President Clinton was admitting that he had smoked marijuana, but “did not inhale”).
A little history is helpful in understanding the imposition of an exit tax on US citizens and long-term residents who commit a taxable act of expatriation on or after June 17, 2008. Since 1966, the Internal Revenue Code has contained anti-abuse rules attempting to tax individuals who renounce their US citizenship for tax avoidance.
Reading a state’s statutes to try to figure out how they might apply to an international transaction can be difficult. US state legislatures do not often consider international commerce, even though US trade and worker immigration flows with a contiguous country, like Canada can be substantial. One of the issues that has just arisen in our immigration practice is whether workers’ compensation coverage needs to be secured here in Vermont when an individual employed by a Canadian employer enters Vermont to perform services here.
Attorneys John Newman, Jack Facey and Ron Morgan discuss various tax implications on U.S. real property owned by a non-resident, non-US citizen.