Feinstein & Partners provide pre-immigration tax planning to foreign individuals planning to relocate to the U.S. Once an individual becomes a U.S. resident alien for the purposes of U.S. income taxation, he or she will be exposed to U.S. income taxes on worldwide income and estate and gift taxes on worldwide assets.
Through years of representing foreign individuals in connection with U.S. business dealings, tax planning and immigration matters, Feinstein & Partners has developed pre-immigration tax planning solutions that allow our clients to significantly reduce their exposure to U.S. federal income, gift and estate taxes upon becoming U.S. residents for income tax purposes. We individually consider different pre-immigration tax planning strategies depending on each client’s unique situation and country of origin. Our pre-immigration tax-planning strategies include:
- Accelerating income earned by an immigrating client prior to becoming a U.S. tax resident
- Accelerating recognition of foreign account receivables and other types of investment income
- Accelerating gain in appreciated assets belonging to an immigrating nonresident alien prior to becoming a U.S. tax resident – an immigrating alien should consider accelerating gain in his or her real estate assets, artwork, corporate stocks and options, and other assets
- Deferring losses until after a client becomes a U.S. tax resident; these losses can be taken after an individual becomes a U.S. resident, thereby reducing his taxable income tax basis in the U.S.
- Exploring strategies to receive a step-up tax cost basis of assets to their fair market value