Law Offices Of Connie Yi, PC
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate


How to account for foreign assets in an estate plan

| May 4, 2020 | Estate Taxes, Foreign Assets |

Here’s an initial point to note concerning today’s above-posed blog headline: You unquestionably do need to spotlight all foreign financial holdings you control and ensure legal compliance with Internal Revenue Service mandates.

If you don’t, there will literally be a heavy price to pay. The IRS is thorough in its tax probes and uncompromising in the penalties it levies on alleged wrongdoers.

It also commands a broad sweep. Assets held by a U.S. filer anywhere in the world are subject to examination. The IRS has sometimes been termed a jealous mistress, and its global searches for taxable income confirm that depiction.

The bottom line regarding foreign accounts of any type: Declare them and, if necessary, pay all taxes owed upon them. Compliance might sometimes seem an onerous proposition, but it spells a far better outcome than being labeled a tax cheat by the U.S. government.

We address foreign asset identification and accounting on our firm’s website. The Bay Area Law Offices of Connie Yi represents valued clients having diverse holdings across the world, helping them ensure that their tax filings with American tax regulators are deemed fully lawful. In short, our proven representation helps individuals and families with offshore sources of wealth “get everything in order.”

Unsurprisingly, that can take some digging and specialized research. U.S. tax laws are not static. In fact, they have undergone material changes in recent years. Additionally, other countries where assets are held likely have their own tax exactions, which must also be complied with.

Taking timely and proactive steps to ensure tax compliance can materially promote peace of mind for Americans filers having foreign assets. An experienced professional with an integrated legal and accounting background can help promote their best interests.



FindLaw Network

Recent Blog Post

What are reasonable fees to charge as a trustee in California?

When implementing an estate plan in California, it is essential to ensure that you receive the proper compensation for the amount of time and work you are putting in. The probate court will look through the amount you charge to see if it is reasonable, especially if...

What to know about life insurance trusts

California families have an exemption for their estate that keeps it from being subject to income taxes. However, above that $11.7 million, the estate tax bill could get large. This is why they need to take measures to reduce the size of their taxable estate. Life...

Are estate taxes headed for changes?

Not every inheritance involves paying estate taxes, but some estates rise above the federal exclusion amount. California residents that feel familiar with state and federal tax rules might not realize changes could happen. Namely, proposals intended to raise tax...

View More Blog Posts