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类型use-it-or-lose-it.ppt

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    1、Important Note for Licensed Financial Professionals,This seminar is designed to help you effectively present key estate traps that can be experienced by residents who are not U.S. citizens. The script you need to present with the seminar accompanies each slide on the Notes pages. You may not make an

    2、y changes to either the slides or the notes without prior authorization from the Prudential Marketing Review Team (MRT). Best wishes for successful seminar selling! Please begin your seminar with the next slide.,Welcome,Estate TrapsFor Resident NoncitizensThe Prudential Insurance Company of America,

    3、Prudential, Prudential Financial, the Rock logo, and the Rock Prudential logo are registered service marks of The Prudential Insurance Company of America and its affiliates.The Prudential Insurance Company of America751 Broad Street, Newark, NJ 07102-3777,IFS-A093265 Ed. 12/07 Exp. 12/09,Do You Need

    4、 Estate Planning?,Not just about taxesNot just about having a will and/or trustIts about making sure that what you have goes: to whom you want; exactly the way you want; when you want; andall at the least cost and hassle possible toyou and the people you love.,Estate Questions to Consider,Who should

    5、 inherit your assets? Which assets should they inherit? When and how should they inherit the assets?,Additional Estate Considerations,Who should be guardian for minor children or family members with special needs? Who should make health care and financial decisions if you become disabled? Are family

    6、 members capable of managing assets after your death? If not, who should manage assets? If you have a business, what do you want to have happen to it? Will your estate owe estate taxes? If so, how can they be reduced?,What are the common estate traps for individuals who are not U.S. citizens?,Determ

    7、ination of Domicile,Is the non-U.S. citizen domiciled in the United States?“Domicile” is a facts & circumstances test requiring physical presence in the U.S. coupled with the intention to stay here permanently.Evidence of U.S. domicile- Principal Residence- Place of Business- Green Card- Drivers Lic

    8、ense- Financial Dealings- Time spent in U.S.,Property Subject to U.S. Transfer Taxes,Resident noncitizensU.S. transfer taxes are imposed on worldwide assets. Generally taxed like U.S. citizens with a couple of important exceptions Nonresident noncitizens U.S. transfer taxes are imposed on assets dee

    9、med to have a U.S. situs Different tax rules apply This Presentation is on Resident Noncitizens,U.S. Transfer Taxes,Gift Tax Estate Tax Generation Skipping Transfer Tax (GST Tax),Transfer taxes are applied to worldwide assetsSubject to the same gift and estate tax rates as U.S. citizensAnnual gift t

    10、ax exclusion and gift splitting are available to resident noncitizensGift & estate tax applicable exclusion amounts are the same as for U.S. citizens,Similar Tax Rules,$12,000 (2008 number indexed) per person each year to any number of nonspouse recipients.Married couples can double this amount.An u

    11、nlimited amount can be transferred to an educational or medical care organization.The recipient must have an immediate right to use gifted property,Annual Gift Tax Exclusion,Gift and estate tax applicable exclusion amounts are the same for U.S. citizens and resident noncitizens. The applicable exclu

    12、sion amount shelters a limited amount of assets from transfer taxation.The chart on the next slide illustrates that the applicable exclusion is different for gift and estate transfers.,Applicable Exclusion Amounts,Gift & Estate Tax Applicable Exclusion & Credit Amounts by Year,There are three major

    13、transfer-tax differences where a spouse is a resident noncitizen:Lack of a 50/50 presumption of property owned jointly between spousesLimitation on gifts to noncitizen spouseLimited availability of the marital deduction at deathCongress does not want property left to a noncitizen spouse to escape tr

    14、ansfer taxes,Different Tax Rules,Jointly Owned Property,U.S. Citizen 50/50 purchase assumption 50% included in the estate of the first-to-die spouse Resident Noncitizen100% included in the estate Except where the surviving noncitizen spouse can prove he/she contributed to the purchase of the asset f

    15、rom separate funds,Marital Deduction,Property passing outright to a spouse who is a U.S. citizen qualifies for the unlimited marital deduction and is not subject to a transfer tax until the surviving spouses death. However, outright transfers to a spouse who is not a U.S. citizen will not qualify fo

    16、r the unlimited marital deduction.gift tax free, orestate tax free,$128,000 can be gifted annually to a noncitizen spouse (2008 amount, indexed for inflation) Transfers in excess of this amount are sheltered by the available gift tax applicable exclusion ($1,000,000 lifetime limit)Excess subject to

    17、gift tax,Lifetime Marital Transfers,Marital Transfers at Death,For a resident noncitizen to receive an estate marital deduction:Spouse must become a U.S. citizen, orProperty must pass to a trust called a qualified domestic trust (QDOT),Estate transfers that do not qualify for the marital deduction a

    18、re subject to estate tax to the extent they exceed the estate tax applicable exclusion,QDOT can be established in the estate documents of deceased spouse; or QDOT can be created by the surviving noncitizen spouse within 9 months of a decedent spouses death. Property transferred to the QDOT can quali

    19、fy for the unlimited marital deduction, thereby deferring estate taxes.,Qualified Domestic Trust (QDOT),Irrevocable election made on decedents estate tax return. At least one of the trustees is a U.S. citizen or domestic corporation.QDOT $2 million requires U.S. bank trustee or a bond posted equal t

    20、o 65% FMV of the trust.,QDOT Trustee & Bonding Requirements,Mandatory distribution of trust income paid to noncitizen spouse annually. Except for “hardship” distributions, distributions of principal will result in estate taxation. No distribution of principal can be made unless the U.S. trustee has

    21、the right to withhold tax imposed on the amount distributed. Specifically . . .,QDOT Distribution Limitations,Tax on QDOT is calculated differently from other marital trusts. U.S. marital trust: Property is included in the estate of the surviving spouse and sheltered by his/her estate tax applicable

    22、 exclusion amount.QDOT: Distributions of principal and property remaining in the QDOT are taxed as if the property had been included in the estate of the first-to-die spouse. The estate tax applicable exclusion of the noncitizen spouse is NOT used.,QDOT Taxation,Case Study,Married couple with $5,000

    23、,000 net worth.One spouse is a U.S. citizen, the other is a resident noncitizen.Both spouses die in the same year The U.S. citizen spouse dies first and leaves all his assets to his wifeThere is NO growth in the estate.,Estate Taxes at 1st Death: $1,380,000,Remaining Estate After Taxes:$1,620,000,Ap

    24、plicable Exclusion Amount: $2,000,000,“No Unlimited Marital Deduction”,Combined Gross Estate $5,000,000,Net Property to Surviving Noncitizen Spouse $3,620,000,Simple Will - All to Non-Citizen Spouse,Estate Taxes at 1st Death: $1,380,000,Remaining Estate After Taxes:$1,620,000,Applicable Exclusion Am

    25、ount: $2,000,000,“No Unlimited Marital Deduction”,Combined Gross Estate $5,000,000,Net Property to Surviving Noncitizen Spouse $3,620,000,Simple Will - All to Non-Citizen Spouse,Estate Taxes at 2nd Death: $745,200,Remaining EstateAfter Taxes: $874,800,Net Property to Beneficiaries: $2,874,800 (Estat

    26、e Reduced by 42.5%),Applicable ExclusionAmount: $2,000,000,A credit shelter trust is established in estate documents to hold property generally equal to the estate tax applicable exclusion amount, thus sheltering the trust assets from the decedents estate tax. It can be used to manage assets and pro

    27、vide income/cash flow for the benefit of the surviving spouse.Assets in the credit shelter trust, while used for the benefit of the surviving spouse, avoid estate taxation in the surviving spouses estate.,Credit Shelter Trust,Combined Gross Estate $5,000,000,Credit Shelter Trust,Credit Shelter Trust

    28、Applicable ExclusionAmount: $2,000,000,Remaining Estate Outright to Spouse After Taxes: $1,620,000,Estate Taxes at 1st Death: $1,380,000,Net Property to Surviving Noncitizen Spouse: $1,620,000,Net to Beneficiaries: $3,620,000 (Estate Reduced by 27.6%),Combined Gross Estate $5,000,000,Credit Shelter

    29、Trust,Credit Shelter TrustApplicable ExclusionAmount: $2,000,000,Remaining Estate Outright to Spouse After Taxes: $1,620,000,Applicable ExclusionAmount $1,620,000,Estate Taxes at 1st Death: $1,380,000,Estate Taxes at 2nd Death: -0-,Net Property to Surviving Noncitizen Spouse: $1,620,000,Combined Gro

    30、ss Estate $5,000,000,QDOT & Credit Shelter Trust,Credit Shelter TrustApplicable ExclusionAmount: $2,000,000,Remaining Estate in Trust (QDOT) for the BenefitOf the Surviving Noncitizen Spouse: $3,000,000,Estate Taxes at the First Death = $0,Net to Beneficiaries: $3,620,000 (Estate Reduced by 27.6%),C

    31、ombined Gross Estate $5,000,000,QDOT & Credit Shelter Trust,Credit Shelter TrustApplicable ExclusionAmount: $2,000,000,Remaining Estate in Trust (QDOT) for the BenefitOf the Surviving Noncitizen Spouse: $3,000,000,Applicable ExclusionAmount Not Available,Remaining QDOTAfter Taxes: $1,620,000,Estate

    32、Taxes at 2nd Death: $1,380,000,Estate Taxes at the First Death = $0,Combined Gross Estate : $5,000,000$3,000,000 + $2,000,000 (Previously Gifted to Non U.S Citizen Spouse),QDOT, Spousal Gifts & Credit Shelter Trust,Non-Citizen SpousesAssets $2, 000,000(Previously Gifted),QDOT for the Benefit of The

    33、Surviving Noncitizen Spouse: $1,000,000,Estate Taxes at the First Death = $0,Credit Shelter TrustApplicable ExclusionAmount: $2,000,000,Net to Beneficiaries: $4,654,200 (Estate Reduced by 6.9%),Combined Gross Estate : $5,000,000$3,000,000 + $2,000,000 (Previously Gifted to Non U.S Citizen Spouse),QD

    34、OT, Spousal Gifts & Credit Shelter Trust,Noncitizen SpousesAssets $2, 000,000(Previously Gifted),QDOT for the Benefit of The Surviving Noncitizen Spouse: $1,000,000,Applicable ExclusionAmount $2,000,000,Remaining QDOT$654,200,Estate Taxes at 2nd Death: $345,800,Estate Taxes at the First Death = $0,C

    35、redit Shelter TrustApplicable ExclusionAmount: $2,000,000,The Role of Life Insurance,QDOT only delays the payment of estate taxes on large estatesDistributions for spouse from QDOT limited to income may not provide spouse with adequate supportSolution: life insurance on the citizen spouseOwned by no

    36、ncitizen spouse in smaller estatesOwned by an irrevocable life insurance trust (ILIT) in large estates,Where Do You Go From Here?,Meet with your licensed financial professional and estate planning advisorsAnalyze your situationSet your goalsDetermine your estate liquidity needs and support for your

    37、family,Thank You,IFS-A093265 Ed. 12/07 Exp. 12/09,Prudential, Prudential Financial, the Rock logo, and the Rock Prudential logo are registered service marks of The Prudential Insurance Company of America and its affiliates.The Prudential Insurance Company of America751 Broad Street, Newark, NJ 07102-3777,

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