FATCA for Estate Planners: A Practical Approach

On Tuesday July 14, 2015, American Law Institute presents the audio webcast, FATCA for Estate Planners: A Practical Approach. Jerry August of Kostelanetz & Fink, LLP will facilitate the audio webcast as the Planning Chair and Megan L. Brackney will participate as a Faculty role for the conversation.

The provisions of Foreign Account Tax Compliance Act (FATCA) mandates U.S. taxpayer, foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs) comply with informational returns for the purpose of identifying U.S. persons who are beneficial owners in foreign financial accounts and/or non-financial foreign entities. The provisions raise numerous issues for estate planning and estate administration.  Estate planners for clients whose estates may include offshore assets should be aware of these rules and how to comply.   This program will include a brief overview of FATCA and how it impacts individuals, trusts, and estates.  The program will take an in depth look at foreign trusts and explain how to determine whether a trust is a Foreign Financial Institution (FFI) or a Non-Financial Foreign Entity (NFFE), and whether NFFE’s are passive or active, and the tax and compliance consequences of these characterizations, including withholding under I.R.C. §§ 1441-1474.

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