Our firm provides legal services, tax advice, and counsel to help clients achieve their desired outcomes in the areas of wealth, estate, and tax planning in addition to resolving tax matters.
Contact us today to schedule a consultation.
If you have received a letter from the Internal Revenue Service, we can assist you in understanding what your options are, articulate a sound strategy that works for you, and address the deficiency.
If you have fallen behind in your FATCA, FBAR, or tax return filings as a U.S. person abroad, we can assist you in getting up to date with all required filings to the IRS with streamlined procedures.
Many countries around the world are signatories to U.S. tax treaties to prevent double taxation of their residents and citizens. Those residing abroad may be eligible to use a tax treaty position to improve their fiscal standing. Non-U.S. persons with assets in the U.S. should enlist the help of a tax attorney in planning how to optimize their financial or fiscal position through tax treaty or international trust planning. We are here for you.
Bringing American real estate or instruments into your international investment portfolio can be very rewarding, however understanding foreign investment laws can be challenging. That is exactly where we come to help you. We can assist you with your real estate or corporate investment goals and help you navigate all the compliance rules associated with investing in the U.S.
Those who hold citizenship in the U.S. and another country, there are many rules and regulations to follow, including those related to tax and financial disclosures. If you are in that category, we know it can be truly mystifying! We are here to help you.
These are some common misconceptions about estate and tax planning that are commonly accepted but not necessarily true.
False: All people need a tailor made estate plan whether it be as simple as a will or as elaborate as a multilayered trust instrument. Every client and family has different priorities. We are here to listen to you and deliver the service you need.
False: It is a great first step to draft and execute a will -- you are ensuring your property and assets go to the beneficiaries you desire after you pass away. This is only the beginning of estate planning, however. It is strongly recommended you see an attorney to revise your will and estate plan when you: acquire new property, wish to modify the beneficiaries, change marital status, or move to a new state or country. In addition, an attorney will advise you on the latest tax changes and filing requirements that affect you.
False: This is sometimes true in the smallest and least complicated cases, but a trust is preferable because it avoids probate court, time delays and backlogs, and various other complications when dealing with many beneficiaries and assets.
Real anecdote (edited for privacy): A husband and father of 2 was a successful attorney in a law firm. Throughout his life he made high income, accumulated real property, and was a shareholder in the firm. He drew up a will and an advance medical directive in the 2010s. He passed away while undergoing a transplant surgery. Long after his death, the family was forced to wait while the probate court processed the will. The court finally determined the assets and distributions... 6 months after the person's death.
If a client has a trust, he or she can avoid the probate court process.
False: Under current law, only a small percentage of estates are subject to the federal estate tax of 40% due to an increase of the estate exclusion -- estates valued at more than US $13.61 million (individuals)/US $27.22 million (married couples). This law is on track to "sunset" or phase out at the end of 2025, and the estate exclusion will revert to previous levels -- US $5 million (individuals)/ US $10 million (married couples). Many people not covered by the current law will be subject to the sunset; they should see an attorney to plan accordingly.
False: While those with zero connections (citizenship, residency, property, stocks, company ownership etc) to the United States will not need a US-admitted attorney, many others will.
Please schedule an appointment with us. We look forward to helping you with your legal matters.
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Copyright © 2024 Gibson Tax & Legal Group - All Rights Reserved.
The information and materials on this Web site are provided for general informational purposes only, and are not intended to be legal advice. We attempt to provide quality information, but the law changes frequently, and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance. An attorney and client relationship should not be implied. Nothing on this Web site is intended to substitute for the advice of an attorney; therefore, if you require legal advice, please consult with a competent attorney licensed to practice in your jurisdiction. John Gibson is licensed to practice law in Georgia, United States of America.
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