Estate and Related Tax Planning for American Expatriates in Hong Kong
First 15-20 minutes is for networking Sandwiches & beverages included
Hosted by the Taxation Committee
The financial issues faced by American expatriates differ from those of Americans living in the US in many important aspects, especially in respect to estate planning and taxation issues.
U.S. expatriates remain subject to the basic tax rules while abroad but are also impacted by rules specific to their status as expatriates, in addition to being subject to foreign tax laws, which often means they are faced with an array of tax planning and compliance dilemmas.
Understanding the interaction of US and the various foreign tax rules is critical in managing tax exposure and avoiding double taxation and US expatriates should be aware of simple yet effective year-end planning to minimize their US tax liabilities as 2014 draws to a close.
From a compliance perspective, a significant impact of FATCA has led to many US citizens and green card holders residing outside the US not realizing until recently that they have historic tax return and/or information reporting requirements.
Fortunately, there is now a new IRS program for people with inadvertent arrears to rectify matters and allowing for significant penalties to be waived.
Further, U.S. expatriates need to plan their estates carefully. A will or if applicable a trust in the country in which you live (or own assets) should be considered, as well as guardianships. U.S. expatriates also need to determine what type of foreign taxes (inheritance or transfer tax) their heirs may incur upon their death on assets located outside of the U.S. Having a proper estate plan in place can often minimize or even eliminate estate taxes and probate costs.
Please join us on November 6 as Jessica Cutrera from EXS Capital and Carlo Gray from Buzzacott Expatriate Tax Services share with us important information on year-end tax planning, IRS Streamlined Filing Compliance Procedures, and strategies in which American expatriates can use to address their unique estate planning needs.
The American Chamber of Commerce in HK 1904 Bank of America Tower 12 Harcourt Road Central, Hong Kong