Thursday, January 22, 2015

How learning multi-jurisdictions can enhance your business - Foreign National Market

Foreign nationals can employ an international team of accountants and attorneys to layer various entities, i.e. foreign trusts, which is in turn a major partner in a foreign partnership, which is in turn a major partner in a US partnership, which in turn owns the US real estate. Sounds complicated? It can be. Multi-jurisdictional planning requires initial fees as well as ongoing administrative expenses. Some structures may fall into a gray area, and there may be some question as to whether or not the elaborate plan will work to shelter US assets from US estate tax.

Sometimes using a life insurance policy is straight forward solution to the complex financial planning challenges presented by a non resident aliens (NRA). As an example a non-US citizen, an NRA with a $10MM US estate can buy a $5MM life insurance policy on their own life, and the US estate will not jump to $15MM. This simplifies the plan with no trust required, no gifting of premium, no attorney’s fees, no Crummey letters. NOTE: Not all countries will allow their citizens to own a US policy outright.

Syndicated financial columnist and talk show host Steve Savant interviews foreign market expert Carey Rokovich, CFP, CLU, ChFC. The foreign national market is a large, growing population that faces unique US planning challenges. Foreign nationals have a significant need for information on financial planning concepts and desire US dollar denominated products. This series reveals the untapped foreign national market in America. It's a niche segment of our society that could be a significant opportunity for advisers.

About Steve Savant

Steve Savant

As the National Marketing Spokesperson for Ash Brokerage, Steve Savant looks forward to meeting financial professionals in every way possible - in person or by video through conferences and social media.

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