International Law & Trade

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News & Analysis as of May 24, 2013

Domicile Election for Non-UK Domiciled Spouses and Civil Partners

by Rasha Albazaz, Martyn Gowar, Clare Morison | McDermott Will & Emery on 5/24/2013

Non-UK domiciled individuals who have a UK domiciled spouse or civil partner now have the option to elect to be treated as domiciled in the United Kingdom for inheritance tax (IHT) purposes. This will enable them to receive...more

FBAR-The New Marriage Penalty

by Sanford Millar on 1/7/2013

For those U.S. taxpayers who are married to non-residents there is a new form of marriage penalty if the spouses filed joint returns. To be eligible to file joint returns an election must be made with the first joint return...more

FBAR LIabilty and Innocent Spouse Relief

by Sanford Millar on 10/22/2012

Taxpayers who are now separated or divorced and had undisclosed foreign bank accounts may wonder if “innocent spouse relief” is available under the Bank Secrecy Act for FBAR penalties. The answer is likely no but could be...more

Divorce, Expatriation and International Sanctions

by Sanford Millar on 8/13/2012

A current article in the WSJ discusses the 189 U.S. citizens and Permanent Residents who formally and recently expatriated. The article implies that underlying all these expatriations lies a tax driven motive. The tax...more

Divorce Settlements With Foreign Assets; What Are The Risks?

by Sanford Millar on 7/2/2012

Many couples going through marital separations (divorce) have interests in foreign assets. Often these are dual nationals who have interests in family businesses in their country of origin, but regardless of the source of the...more

If You Hide Assets Offshore From A Spouse Be Sure To File An FBAR

by Sanford Millar on 3/19/2012

A recent Forfeiture Case was brought against a taxpayer who was hiding financial assets (almost $4.6 M) from his soon to be ex-spouse. The case, US v. $4,656,085 (http://goo.gl/7b64A) illustrates how bad divorce planning...more

Three Reasons International Families Should Consider Qualified Domestic Trusts

by The Law Offices of John C. Martin on 8/3/2009

What kind estate planning is advisable for individuals with a non US citizen spouse? In most cases, a decedent’s estate may be transferred to a US citizen spouse without any estate tax, thanks to a high exclusion amount for...more