International Tax and Estate Planning Attorneys
At Cohen, Chase, Hoffman & Schimmel, P.A., we assist the multi-jurisdictional family in a wide variety of matters. Our services include:
- Pre-immigration tax planning
- Estate planning
- Foreign investment in U.S. real property and operating businesses
- Planning with foreign trusts, foreign foundations and foreign companies, including planning with trusts established in the U.S. that are treated as foreign trusts for United States tax purposes
- Wealth preservation and asset protection utilizing foreign entities
- Advising as to U.S. tax compliance and reporting issue, including making a voluntary disclosure to the IRS
- Advising both individual and institutional fiduciaries of foreign entities as to their U.S. tax and reporting obligations
- Advising as to FATCA — the Foreign Account Tax Compliance Act provisions of the Hiring Incentives to Restore Employment Act of 2010
- Representation before the Internal Revenue Service
- Probate administration for the estates of foreign decedents owning property in the U.S.
- Compliance with FIRPTA — the Foreign Investment in Real Property Tax Act
Pre-Immigration Tax Planning
For high net worth foreign individuals who plan to move to the United States or work in the United States for a number of years before returning to their home country, it is important to engage in U.S. tax planning before becoming resident in the United States. At Cohen, Chase, Hoffman & Schimmel, P.A., our experienced attorneys work with clients to minimize the federal income, gift and estate tax consequences of establishing residency or domicile in the United States.
Foreign Investment in U.S. Real Property
Many wealthy foreign individuals have taken advantage of falling property values in Florida and elsewhere by purchasing vacation residences or investment properties within the United States. Unfortunately, ownership of real property in the United States by an individual who is not “domiciled” within the United States can have disastrous tax consequences upon the owner’s death.
Depending on how the foreign individual takes title to the real property, there may be adverse income tax consequences upon sale. Our experienced attorneys assist in structuring the acquisition of real property in order to minimize the federal income, gift and estate tax consequences of such ownership.
Foreign Trust and Foundation Planning
Wealthy foreign families use foreign trusts, foundations and companies for a variety of wealth planning and preservation purposes. Unfortunately, many foreign families fail to consider how such an investment entity’s connections with the United States (such as a beneficiary who lives in the United States or the ownership of property located within the United States) may affect the United States tax consequences and tax compliance obligations of the entity and the entity’s underlying investments.
Our experienced attorneys assist in structuring such foreign entities so that they operate in a tax-efficient manner and that applicable United States tax and reporting obligations are met.
Foreign trusts and foundations can serve as tax-efficient structures to pass wealth from foreign parents to children and other descendants who are resident in the United States. If properly structured, the U.S. resident beneficiary will not be subject to income tax during the lifetime of the foreign settler or founder, and the trust or foundation will never be subject to United States gift, estate or generation-skipping transfer tax.
Foreign trusts and entity structures can also play a role in the estate and wealth preservation planning of United States persons.