Money-101-In-May-Starts-Next-Week! Join us!

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Living Benefits: The Smartphones of Life Insurance

Say Sayonara To Tax Time At Wine Women Wealth!

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April-Money-101-Starts-TODAY!

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If you need help avoiding taxes legally please let me know! I'm happy to help! Have a great day!

FOREIGN NATIONAL PLANNING: FOUR THINGS THAT MATTER

http://marketing.cpsinsurance.com/cpsimis/top-news/4-things-matter/

If you live here nothing is safe!  A resident alien (RA) is a foreign national whose domicile is in the United States.  That often means they have a Green Card.  If a RA dies here then everything that he or she owns anywhere in the world is subject to Federal Estate Tax.  It may be that death taxes paid on property in another country generate a credit against the U.S. tax, but maybe not.

If you live here, the unlimited marital deduction (UMD) is not automatic!  If a deceased RA, or a U.S. citizen, leaves property to a RA surviving spouse there is no UMD available unless the property is left in a qualified domestic trust (QDOT).  Long story short:  1) the QDOT can be established up until the time an estate tax return is due;  2) among other things the trustee must be a U.S. citizen;  3) property passed to the trust can qualify for the UMD;  4) distributions over the trust income or not for hardship expenses are estate taxable;  5) the remainder is subject to estate tax at the eventual death of the spouse.