Estate, gift, and generation-skipping transfer tax rules are complex and vary depending upon the residency of the taxpayer. For U.S. residents, estate tax rules apply to the transfer of property at death, while gift taxes apply to transfers of property during life. Non-U.S. residents are subject to different rules, and the effect of bilateral estate and gift tax treaties should also be considered. Sample estate planning scenarios may vary depending on the residency of the taxpayer and his or her spouse. Join Kevin Packman and Jeffrey Levin as they explain difficulties faced by lawyers and tax consultants in developing estate planning strategies for resident and nonresident aliens and how to navigate the tax rules for resident and nonresident aliens.
Key topics to be discussed:
Estate Tax Rules
Residency of Taxpayer
Bilateral Estate and Gift Tax Treaties
Estate Planning Strategies for Resident
Estate Planning Strategies for Nonresident Aliens
Date: May 4, 2023
Kevin E. Packman | Holland & Knight LLP
Kevin E. Packman is an attorney in Holland & Knight’s Private Wealth Services Group. He leads the firm’s International Estate Planning Group as well as the Tax Controversy and Litigation Team. Mr. Packman’s practice includes advising high-net-worth private clients (whether U.S. or foreign) with tax, trusts and estates. This also includes pre-immigration planning and expatriation planning. He also helps clients come into compliance and resolve tax controversies. He represents clients daily before the Internal Revenue Service (IRS) and has represented clients before the U.S. Tax Court. Mr. Packman is a fellow of the American College of Trusts & Estates (ACTEC), is a frequent writer and regularly speaks at national and international tax conferences. He is also frequently quoted by the national media.
The Chambers High Net Worth guide has recognized Mr. Packman since 2016 for Private Wealth Law: Florida, and his client work is widely recognized.
Mr. Packman has lectured for the AICPA, ABA, New York University, University of Miami, The Florida Bar and STEP. He has also presented to numerous national and community institutions/organizations. Mr. Packman is a prolific writer with articles appearing in a number of publications, including The Florida Bar Journal, Journal of Accountancy, Journal of Taxation, Estate Planning, Practical Tax Strategies and The Jerusalem Post. He is also frequently quoted by The New York Times, The Wall Street Journal, Daily Business Journal and Accounting Today. He also drafted legislation that passed the U.S. Congress declaring May as “National ALS Awareness Month.”
Mr. Packman is active in the community; he is a member of the Kessenich Family MDA ALS Center Advisory Board and a past board member of the Easter Seal Society of Miami-Dade County and Israel Bonds organizations. While he has frequently been recognized for his volunteer efforts, Mr. Packman is proudest of having been the first recipient of the ALS Association’s Kevin Packman Award for the Most Outstanding Volunteer.
Mr. Packman earned his B.A. in 1993 from the University of Texas (where he was named the Most Outstanding Individual in 1991), his J.D. in 1998 from Washington University School of Law (where he received the Honor Scholar award and in 2011 the Distinguished Young Law Alumni Award) and LL.M in Estate Planning in 2002 from the University of Miami School of Law (where he received the Vice President’s Award for Service).
Jeffrey S. Levin | Squire Patton Boggs
Jeffrey Levin’s practice includes federal, state and local taxation; estate planning, trusts and estates administration; charitable giving; and succession planning for closely held businesses.
His practice concentrates on income, estate and gift tax planning for US and non-US clients and the use of domestic and foreign trusts. His US tax practice also includes guidance on various individual, entity and fiduciary state and local income and sales and use tax compliance considerations.
As part of overall and multigenerational estate planning, Jeffrey advises closely held family businesses, and family limited partnerships on their tax and related business matters. In addition, he advises on fiduciary income and estate tax planning, compliance, and administration. He also advises US and non-US clients on tax consequences of ownership of US real property.
Advising wealthy and non-US families on the use of foreign trusts and other ownership structures to achieve the family’s estate planning goals and to obtain US income and transfer tax savings for shipping clients
Advising non-US shipping clients on US income tax compliance considerations and available US income tax benefits
Advising beneficiaries of estates of the income and transfer tax consequences of settlements of probate litigation disputes
Advising individuals on the use of sophisticated estate planning tools including family limited partnerships, grantor retained annuity trusts, personal residence trusts, self-cancelling installment obligations and charitable trusts
Advising individuals on state income and transfer tax consequences of changing domicile from one state to another
Advising non-US persons on the acquisition, ownership and sale of US real property interests in order to minimize adverse US tax consequences
I. Estate Tax Rules | 11:00am – 11:20am
II. Residency of Taxpayer | 11:20am – 11:40am
III. Bilateral Estate and Gift Tax Treaties | 11:40am – 12:00pm
Break | 12:00pm – 12:10pm
IV. Estate Planning Strategies for Resident | 12:10pm – 12:25pm
V. Estate Planning Strategies for Nonresident Aliens | 12:25pm – 12:40pm