[WSBAPT] UK Citizens w/ US Real Estate
Evan O. Thomas III
eot3 at juno.com
Tue Nov 11 14:49:27 PST 2014
You might consider transferring the
residence into an LLC and then having
your client give the LLC units, which
constitute personal property.
Chip
On 11/11/2014 2:10 PM, Lewis, Amy C. wrote:
>
> You might also want to look into the
> estate tax treatment and any available
> treaties. Remember the US estate tax
> exemption is only $60,000 for a
> non-resident alien. Most, if not all,
> of the treaties provide that US
> gift/estate tax applies to US real
> property.
>
> I am currently representing a citizen
> of the Netherlands who wants to give a
> US residence to a family member. We
> are looking into whether the client
> can give a cash gift (which will not
> be subject to US gift tax and
> qualifies for a temporary exemption
> under Dutch law) which the family
> member can use to purchase the
> residence. In our case the
> Netherlands treaty does not
> specifically address gift tax, only
> estate tax, but many of the newer
> treaties address both.
>
> Amy C. Lewis, Attorney
>
> ESTATE PLANNING & PROBATE
>
> 1200 Wells Fargo Plaza | 1201 Pacific
> Avenue | Tacoma, WA 98402
> phone 253.572.4500 | fax 253.272.5732
> | www.eisenhowerlaw.com
> <http://www.eisenhowerlaw.com/>
>
>
> *From:*wsbapt-owner at lists.wsbarppt.com
> [mailto:wsbapt-owner at lists.wsbarppt.com]
> *On Behalf Of *John J. Sullivan
> *Sent:* Tuesday, November 11, 2014 2:01 PM
> *To:* wsbapt at lists.wsbarppt.com
> *Cc:* WSB Listserv
> *Subject:* Re: [WSBAPT] UK Citizens w/
> US Real Estate
>
> Felicia:
>
> This might be a situation where one of
> those new TOD deeds might come in handy
>
> Otherwise I would place it in a single
> purpose RLT, or a WA C
>
> John Sullivan
>
>
> Sent from my iPhone
>
>
> On Nov 11, 2014, at 1:40 PM, Felicia
> Value, Attorney at Law
> <felicia at skagitprobate.com
> <mailto:felicia at skagitprobate.com>> wrote:
>
> Hello Colleagues:
>
> I have a question on behalf of
> some friends. They are UK citizens
> with their primary residence in
> the UK. They own some property in
> the US that they want to leave to
> their daughter. Do they need a US
> Will to do that? Is there some
> sort of ancillary proceeding that
> you open in the US to administer
> the property, even if the primary
> probate proceeding is in the UK?
> I suppose they could add the
> daughter to the title as a
> co-owner with right of
> survivorship, but for exposure
> reasons I'm never crazy about that
> idea. Should I tell them to
> consult US counsel, or is this
> really simple and can just be
> dealt with easily in the
> administration of the UK Will?
>
> I will forward your responses
> directly to my friends. Thanks for
> any thoughts.
>
> Sincerely,
>
> Felicia Value
> Attorney at Law
> PO Box 578/116 North Third Street
> La Conner, WA 98257
> (360) 466-2088
> www.skagitprobate.com
> <http://www.skagitprobate.com>
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Evan O. Thomas III, Attorney
8936 N. Mercer Way
Mercer Island, Wa. 98040
Office: (206)-230-9866
Fax: (206) 232-7067
Please be advised that, if this communication includes federal tax advice, it cannot be used for the purpose of avoiding tax penalties unless you have expressly engaged me to provide written advice in a form that satisfies IRS standards for "covered opinions" or I have informed you that those standards do not apply to this communication.
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