TITLE

Estate and Asset Protection for the Resident Alien: A Case Study

AUTHOR(S)
Taylor, Nigel Brian
PUB. DATE
April 1996
SOURCE
Journal of Financial Planning;Apr96, Vol. 9 Issue 2, p50
SOURCE TYPE
Academic Journal
DOC. TYPE
Case Study
ABSTRACT
This article presents a case study about the protection of estate and assets of legal resident aliens having United States domicile. Due to the significant increase in their number, financial planners need to familiarize themselves with the basic concepts of international and multi-jurisdictional planning. With over 10.5 million resident aliens living in the United States, understanding Internal Revenue Code regulations governing gifts and transfers by foreign national is becoming a definite necessity for every CFP licensee. Many planners, especially those practicing in states with large numbers of poor and illegal immigrants, might question whether more many resident aliens need comprehensive planning. In the first of this two-part article, topics that have been covered include: domestic and foreign asset protection; valuation; the client's corporations; family limited partnerships; foreign trusts; qualified and nonqualified plans; disability trusts and protection of Hong Kong assets. This case study is not designed to present one specific solution as use of one recommended technique may eliminate the need for another.
ACCESSION #
5561507

 

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