Fundamentals of U.S Transfer Taxation and Planning for Non-Citizen Clients

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This program addresses the federal taxation of cross-border situations, mainly, property transfers made by U.S. resident non-citizens (RNCs) and nonresident non-citizens (NRNCs), and their respective estates. Much emphasis is placed on the discussion of “domicile” analysis, as the determination of a non-citizen’s domicile (within or without the U.S.) determines the exposure to U.S. transfer taxation – either to transfers of U.S. situs property only, or to the transfer of property anywhere in the world (as with the U.S. citizen/estate) – and on the property situs rules. As to potential planning techniques for nonresident non-citizens, avoidance of U.S. transfer taxes can often be achieved through relatively simple, advance planning.

This practical program from Bloomberg BNA, Fundamentals of US Transfer Taxation and Planning For Non-citizen Clients, presented by Michael A. Heimos, provides advisors with the latest techniques and opportunities, new practical ideas, and very useful client explanation charts, sample language, and checklists. 

During this program, Heimos will cover:
• Advising NRNC Clients on the advantage of gifts of intangibles. 
• Pre-immigration planning using trusts, life insurance and gifts. 
• Crucial Swan Doctrine and related considerations. 
• Gifts by NRNCs to U.S. persons/beneficiaries. 
• Wire Transfers of Cash, by NRNCs to U.S. persons – Why the Hubub?  
• Why asset protection planning is so important. 
• Counseling the NRNC about obtaining U.S. residency in light of FBAR and FATCA/DATCA – think twice, thrice, before entering! 
• Key differences among the state transfer tax laws. 
• Bilateral transfer tax treaties. 
• Estate, Gift and GST Tax Planning Opportunities.

Educational Objectives
• Be conversant with the primary rules, opportunities and limitations with respect to the U.S. transfer taxation of Non-Citizens (both residents and nonresidents) 
• Spot common domicile and property situs issues
• Conceive of a plan that is tax efficient without creating undue compromises on a client’s lifestyle
• Warn non-citizens about tax issues which are unique to the U.S. tax code



Michael A. Heimos, J.D. Mike co-founded the firm of Dean & Heimos LLC in 1995 immediately after graduating law school, and since has continued with the firms of Mullin Dean & Heimos LLP, GTEC LLP and currently as Michael A. Heimos PC.  His concentration is in counseling non-US citizens anticipating US temporary residency or immigration, and investing in US properties and enterprises, as well as vice versa relating to US citizens’ outbound interests.

 Experience assisting these clients includes a variety of matters beyond crafting estate plans – such as counseling family offices on risk management, creating captive insurance programs and using other techniques that augment business efficiencies, interacting with financial institutions on tax and regulatory compliance, and establishing international charities.  

He has grown a national reputation both as a practitioner and as the author of commentary pieces.  The latter includes two major works for legal publisher BNA Tax Management, the Portfolios T.M. 837 2nd, Non-Citizens: Estate, Gift and Generation Skipping Taxation, and T.M. 806, Immigration and Expatriation Law for the Estate Planner. Two more Tax Management portfolio are in the works, concerning attorneys’ ethics standards in cross-border estate planning and revising the work regarding foreign trusts previously authored by the esteemed commentator, Howard Zaritsky.  Other publications include chapters for compilations published by West Publishing and Chancellor Publishing, in particular a chapter in Chancellor’s International Life Insurance, and of articles for Tax Management and the periodicals Asset Protection Journal, American in Britain and the American Bar Association’s Asset Protection Strategies.    

It has also been his privilege to have impacted the law itself as several of his comments to IRS-proposed regulatory changes have shaped resulting rules.  For example, his comments regarding the “cascading excise tax” on reinsurance premiums prompted their withdrawal by Treasury.  Mike is a frequent speaker and participates as faculty in continuing legal and other continuing education courses and similar business conferences.

Mike is licensed to practice in the state of Colorado and in the US Tax Court and Federal District Court in Colorado.  Current professional affiliations and memberships include the BNA Tax Management Estates, Gifts and Trusts Advisory Board and the Society of Trust and Estate Practitioners (STEP).  He earned his law degree from the University of Denver, College of Law and undergraduate degree from Benedictine College.