Here Today, Gone Tomorrow: Tax Planning for Temporary Residents, Part 2

Private Wealth Services and Tax attorney Michael Karlin wrote an article for Tax Notes continuing a discussion on the taxation of temporary residents in the United States. Part 1 reviewed the rules for residence and temporary residence patterns and planning techniques, and Part 2 focuses on income tax and estate planning for both inbound and departing residents. Mr. Karlin breaks down the rules for taxes on an individual's assets, from gains and losses to corporate transactions, as well as ways to avoid or mitigate these measures through accelerating income and gains or selling assets prior to beginning residence. He also touches on gift taxes and trust planning, defining a trust for tax purposes, differentiating trust classifications and describing case scenarios for trust implementation. The article additionally deals with departures and examines covered expatriate rules, including how to approach individuals not subject to them.

READ: Here Today, Gone Tomorrow: Tax Planning for Temporary Residents, Part 2 (Subscription required)