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Points To Ponder Before Becoming An Expatriate Outside Virginia


Squeeze taxIt’s no secret that Americans are obsessed with taxes and unhappy with the IRS. Take the IRS crackdown on foreign accounts and income …. Some people vote with their feet. For most, taxes are at least part–usually a big part–of the equation.

The golden years sometimes mean golden sands. Increasingly, for many “former” Americans, such golden sands are foreign rather than domestic beaches. Before ditching your passport, look before you leap.

Expatriation can be a difficult transition for legal and tax reasons. This was the subject of a recent Forbes article titled “Thousands Leave U.S. Over Taxes—5 Rules If You're Tempted.” Here are the five points cited (and further explained) in the article:

  1. There are distinct immigration and tax rules;
  2. Tax motivation is irrelevant;
  3. Consider tax filings carefully;
  4. Plan before you go; and
  5. Expatriating really means leaving.

Taxation is not the only reason to expatriate or the only difficulty you will face. Expatriation means an entire restructuring of your legal and financial life, so the laws of both the U.S. and your new country need to be considered.

Before saying goodbye to the U.S., expect extra thorough scrutiny from the IRS.

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.  

Reference: Forbes (August 12, 2013) “Thousands Leave U.S. Over Taxes—5 Rules If You're Tempted

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.