The Foreign Account Tax Compliance Act (FATCA) was passed to mandate U.S. taxpayers to report their foreign account assets. This is the United States’ effort to identify tax evasion by US taxpayers holding financial assets abroad. Immigrants need to be aware of how this law impacts the insulation of foreign assets.

US immigrants are often most focused on achieving permanent residency status. But estate tax planning should happen in tandem to pre-residency planning. US estate tax burden issues must be addressed, especially for high net worth individuals.

Many of us may perceive trusts as a complex subject better left to our attorney. However, a trust is simply a contract initiated by a grantor who agrees to transfer assets to a beneficiary, who then receives the assets as stipulated in the trust contract. A trustee, who may also be the grantor, manages the trust assets and ensures the stipulated terms of the trust are faithfully executed.