Lucy Lee Authors Estate Planning Article for STEP Journal

WASHINGTON, Nov. 14 -- Akin Gump Strauss Hauer and Feld, a law firm, issued the following news release:

STEP Journal has published the article "A New World: Asian Families May Wish to Consider the Unfamiliar Concept of The Trust in Their Planning for U.S. Assets," written by Lucy Lee, a partner in the tax practice at Akin Gump.

Lee begins by describing the estate and gift tax system in the United States, writing that "an individual who is not a U.S. citizen and does not have U.S. domicile (a non-resident alien, or NRA) is subject to U.S. estate and gift tax only with respect to transfers of property considered to be located in the U.S." She also talks about some popular practices in Asia, where some people will create a financial account for each child in one family and transfer assets, including shares of closely held companies. The idea, she writes, "is to make gradual transfers over an extended period of time, such as to avoid or minimize local-level gift taxation."

After going through some different estate planning scenarios, Lee advises that "an effective estate plan should start with an effective wealth management plan that also manages the income tax impact." Using a trust, she says, "may provide a mechanism for restoring the power to an NRA's hands."

To read the full article, which appeared in STEP Journal: Volume 25/Issue 9, please click here (https://www.akingump.com/images/content/6/2/v2/62169/Extracted-pages-from-STEP-Nov-Book.pdf).

This document was posted showing the date: Nov. 13, 2017.