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Reasons Why?
[By Dr. David Edward Marcinko MBA CMP™]
There may be a number of reasons why a foreign medical professional, especially a physician, may choose to remain a non-resident alien.
But, few realize that the U.S. income tax applies worldwide, and when a doctor becomes a U.S. dual citizen, the IRS is with them forever.
Annual Limitation
Also, there is the $136,000 annual limitation on gifts to a non-citizen spouse. At his death, a doctor can’t leave his possessions to a non-citizen spouse since the U.S. government is concerned that the foreign survivor will take her inheritance to her home country.
Estate Tax Due
Accordingly, the estate is tax immediately after the first death. Separate savings accounts may mitigate this so that the dual citizen spouse can acquire assets personally, and have something to pass on to children.
Assessment
Otherwise, any assets that can’t be proven at least a one half contribution, even if jointly owned, will be taxed as if they solely belong to the American citizen spouse.
Conclusion
This is a brief review of IRS implications for modernity.
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Filed under: Financial Planning | Tagged: Dual US Citizenship |
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