Estate Planning Considerations for Dual Residents: Selected Reporting Requirements
Make sure your client is aware of the different forms they made need to file.
There are several different forms that a nonresident alien may need to file including Form 8840, Closer Connection Exception Statement for Aliens. This form is generally required to be filed by an NRA claiming a closer connection exception to U.S. residency. An NRA must provide general information to establish closer connections to his or her foreign tax home. This white paper reviews this form as well as Form 3520, Form 3520-A, Form 8621, Form 5471, Form 8938 and FinCen Form 114, and discusses the timing and penalties involved with each form.
Partner and chairman of the Taxation and Estate Planning Group of Connell Foley LLP (Resident in the Roseland, NJ office)
Practice is dedicated to sophisticated tax planning for individuals, businesses, estates and trusts, with a particular emphasis on national and multinational estate planning, as well as as-set protection planning
Lectures extensively and frequently publishes in legal and business journals on a variety of tax and estate planning issues, including those related to federal estate, gift and income tax issues, wealth preservation, trusts, and a multitude of other planning techniques
Admitted to practice in six states, the District of Columbia and United States Tax Court
Recognized for the past 10 years in “Best Lawyers in America” in the areas of trust and estates, trust and estates – litigation, and tax litigation and controversy
LL.M. degree in taxation; J.D. degree, New York University