Are you a US citizen? Are you married to an American citizen?
As of 2013 significant issues arise which will need your attention should you wish to remain compliant with the US Department of Treasury.
You may already be aware of the need to provide an annual US income tax return, regardless of your domicile or residence. Be warned, the United States Treasury is actively documenting and pursuing US citizens or US alien-residents residing abroad for any outstanding tax liabilities. Agreements with foreign governments are being struck and the choice, even for long term ex-pats, to ignore US requirements is no longer an option.
The highlights of recent legislation changes:
On your death you may lose a significant portion your assets to U.S. Federal Estate Tax unless those assets are adequatley protected
$US5.12m indexed for inlation to $US5.25
US Citizens and SMSFs - the complexities of income tax and superannuation reporting
Probate proceedings in the US for surviving partners and/or family who live outside of the US is time-consuming and difficult, but may be avoided with competent prior planning .
Virtually no estate tax exemption for non-US citizen surviving spouse
With careful planning a US citizen may transfer at death an unlimited amount to his/her spouse free of estate tax liability. However, this exemption is only allowed where the surviving spouse is also a US citizen. If the surviving spouse is not a US citizen, only $US60,000 may be transferred to the surviving spouse tax free. Amounts above US$60,000 will be taxed at 40%.
Save the heartache, costs and loss that improper planning now may result in.
The questions you may have
Contact Back9 Capital Management Pty Ltd for reliable and comprehensive US asset management and estate planning advice.
Your couch. I it's mine.
Im a cool paragraph that lives inside of an even cooler modal. Wins×