November 2, 2010 - Phil Hodgen

Tax Planning and Compliance for Multinational Families – 05 Nov 2010

This Friday, November 5, 2010, I will be teaching an all-day course for the California Society of CPAs, titled “Tax Planning and Compliance for Multinational Families.”  Time:  8:30 a.m. to 4:30 p.m.

It will be held at the Hilton San Diego Mission Valley (Google Map).

This seminar looks at a typical family situation for our firm:  the parents are nonresidents of the United States, and are wealthy.  The children live in the United States and may or may not stay permanently.  How do you handle the tax planning and compliance for transfers of wealth from parents to children?  We cover income tax as well estate estate and gift tax problems.

Foreign trusts are a key ingredient in these tax plans.  I will talk about different types of trusts and when to use them:  foreign grantor trusts, irrevocable trusts.  When do you use a foreign trust and when do you use a domestic trust?

Real estate investments are almost always present in these plans.  We will talk about buying U.S. real estate.  Good old FIRPTA.  How should the capital be deployed from abroad?  As equity or debit investment?  What types of holding structures are good (or not)?  Who should be the owners?  Nonresident parents or resident children?

Then there is the @#$%%ing paperwork.  🙂  We’ll talk about that too.

For the people who are in attendance, a special treat that is not on the agenda and I haven’t covered it in serious detail before:  the exit tax.  Section 877A.  I will hand out a first draft of a portion of the book I am writing on this.  Bring your expatriation questions.  We do a lot of this work and the odds are I can answer your questions.

Plus a pony ride.  And balloons.  j/k.

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