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also arise on a covered expatriate’s future gift or bequest of property to a US person. This includes future gifts or bequests to children who remain US citizens or residents. The transfer tax would apply to all cov- ered transfers, even if the transfer was made long after the covered expatriate went through the expa- triation process. There are many reasons to con-


sider expatriation and many reasons to consider retaining your US citizen- ship whilst living overseas. Before expatriation, you should ensure that you give consideration to the follow- ing issues: •


Impact of timing events


• Maintain citizenship in another country





Impact on personal net worth and net worth of family


• •


Impact on any existing or future beneficial interests in a trust


Implications for estate planning for the expatriate’s immediate family members


• Understanding how various trea- ties may apply to your individual circumstances


• Comfort level and ability to reduce the amount of time spent in the US so as not to become a US person for income tax purposes


Taking the time to sit down and speak with a lawyer about your par- ticular situation is well worth the time and effort to ensure that you reach a decision that is appropriate for your and your family’s needs. Understanding all aspects of the decision is important before moving ahead with such a big change.


Andrea Solana is Head of Advanced Planning at MASECO Private Wealth. Andrea graduated from University of Virginia’s McIntire School of Commerce with a degree in Finance and Manage- ment, completed her MBA at Imperial College London and holds her US Series 65 license. If you would like a full copy of MASECO’s 39 Steps to Smart Living in the UK please visit www.masecopw.com.


MASECO Private Wealth is not a quali- fied tax adviser and you should seek separate advice on your tax position with a suitably qualified tax adviser. MASECO LLP trading as MASECO Private Wealth is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate tax advice.


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