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US Citizen Traveling or Living Abroad/Foreign National Foreign Nationals: Acquiring life insurance for foreign nationals is a difficult task of this industry. This can be very difficult for those who do not reside in the U.S. As the economy continues to grow, we find we come to meet individuals from all over the globe who need the help of Tomer Dicturel and his dedicated team at Advanced Wealth Partners. Until recently, insuring foreign nationals and Non-U.S. citizens has been a formidable task. However, the market is changing, and a handful of insurance carriers see the potential and are taking a step towards a global approach to underwriting life insurance for these individuals Estate planning for foreign nationals with assets held in the U.S. is an important way Advanced Wealth Partners can help these individuals. When it applies to the federal gift and estate tax regulations, the key is residency status. The U.S. levies the same transfer taxes on resident aliens as it does on U.S. citizens. For nonresidents, taxes are imposed at the regular estate tax rates, but only on their U.S. estate – real property owned in the U.S. and tangible personal property located within the county. A major problem for these clients is the amount of the estate tax exclusion amounts. Resident aliens can make use of the $5.12MM applicable exclusion amount (2012), nonresident aliens only enjoy a $13k lifetime estate tax credit, which will equal an exclusion amount of approximately $60,000 (2012) in U.S.-based assets. Also affected are spousal gifts and transfers. Gifts to a spouse who is a U.S. citizen will fall under the “unlimited marital deduction” and are not taxable. However, tax-fee gifts to a non-citizen spouse are limited to an annual marital gift tax exclusion of $139,000. This exclusion level can cause significant estate taxes upon the death of a non-resident alien who holds property and assets in the U.S. How can Tomer Dicturel and Advanced Wealth Partners help our potential clients who are foreign nationals minimize and/or fund for these future tax liabilities? One strategy for estate tax planning has always been to use life insurance. The problem there, has been the issuing of policies on foreign nationals, especially those who do not live in the U.S. Advanced Wealth Partners can help you resolve this issue. Recently, a select group of carriers decided to embrace the global nature of today’s business environment and will consider these individuals for life insurance. Tomer Dicturel and Advanced Wealth Partners sits on the forefront of this market and has the experience to help you make these cases work. Many cases involving foreign nationals Advanced Wealth Partners can: Offer up to $20MM of Life Insurance coverage Complete the medical exam outside the U.S. Assist with complex planning components of insuring resident and/or non-resident aliens. The most important thing is, these clients have never needed our help more. Recent changes to the gift and estate tax handling of foreign nationals with assets in the U.S. has placed an onerous potential estate tax on these assets. By letting Advance Wealth Partners help these clients plan and finance for these taxes. There are many more factors involved in the financial planning for both Foreign Nationals and Non-U.S. Residents. Tomer Dicturel and his team at Advanced Wealth Partners can go over all your questions and discuss all of your concerns. Tomer Dicturel, Advanced Wealth
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