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US and UK Estate Planning for International Families: An Update on US and UK Law, Developments and Strategies



Thursday, May 26, 2011
Product Code - TMA24
Speaker(s): Alan S. Gassman, Partner, Gassman, Bates & Associates, P.A., and Marilyn McKeever, Associate Director, Berwin Leighton Paisner LLP
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The new $5,000,000 Exemption US Estate and Gift Tax Rules have attracted the attention of many families who have wealth and residency opportunities both in and outside of the United States.

Alan S. Gassman, and Marilyn McKeever explain the basic rules and strategies that apply for families who have one or more members who reside permanently or temporarily in the United States, and how they may be impacted by recent developments.

Participants will receive easy to understand information on the following:

• The basic income, estate, and gift tax rules that apply to US citizens, green card holders, non-permanent residents, and business and real estate owners.

• The basic income tax, capital gains tax and inheritance tax rules that apply to UK residents, domiciliaries and non-domiciliaries.

• The advantages and disadvantages of receiving permanent residency or citizenship in the United States.

• The advantages of non-domiciled status in the UK.

• Opportunities and challenges for married couples where one spouse has U.S. citizenship and the other does not, including marital deduction and gift splitting strategies with particular reference to UK spouses.

• Transfers that can trigger United States gift tax and how to avoid them.

• UK inheritance tax and lifetime gifts - dovetailing the US and UK positions.

• Why many families are considering transferring their wealth and citizenship to the United States to enjoy reduced death taxes, and why others are not.

• The US/UK treaty – application and limitations.

- Common impact of UK, French and German Treaties.

- Issues for civil law clients.

- Planning strategies for the international family.


Upon completion of this program, participants will have the tools to:

• Understand the provisions of the new US estate and gift tax rules and their application to inbound investors.

• Advise clients on the tax advantages and disadvantages of obtaining US citizenship or green card status.

• Understand the application of the UK income tax, capital gains tax, and inheritance tax

• Maximize tax planning for international families with both US and UK contacts

Alan S. Gassman, Partner, Gassman, Bates & Associates, P.A., and Marilyn McKeever, Associate Director, Berwin Leighton Paisner LLP

 Alan S. Gassman is an attorney practicing in Clearwater, Florida with the firm of Gassman, Bates & Associates, P.A. Mr. Gassman’s primary practice focus over the past 25 years has been the representation of high net worth individuals, physicians and business owners in estate planning, taxation, and business and personal asset structuring. Mr. Gassman speaks often for national and state sponsored continuing education programs and publishes several articles each year in national publications including BNA’s own Estates, Gifts and Trusts Journal, as well as Estates and Trusts Magazine, Estate Planning Magazine, The Florida Bar Journal and Leimberg Estate Planning Network (LISI). Alan has been a contributor and distinguished panelist in a number of BNA Tax & Accounting webinars and has been honored both as a “Florida Super Lawyer” a recognition bestowed on just 5% of the legal community there, and as one of the “Legal Elite” by Florida Trend magazine.

Marilyn McKeever is Associate Director with the London (UK) law firm of Berwin Leighton Paisner LLP, where she specialises in international and UK estate planning including personal and trust taxation and all aspects of offshore and onshore trusts and wills. She focuses in particular on estate planning for non UK domiciled clients, especially those with a US connection. She obtains and co-ordinates advice on cross border tax and legal matters, such as compulsory inheritance rules and cross-border tax and double tax treaty issues. She also advises on charity matters including tax efficient charitable giving. Marilyn also practises in the area of “commercial trusts” including trust issues relating to employee benefit trusts, unit trusts and pension schemes, issues affecting commercial transactions to which trustees are parties and the use of trusts to achieve commercial objectives.