Estate and inheritance tax

Stepping Stones

We all know the saying about death and taxes - both are unavoidable. But as an American in the UK, there's planning you can do throughout your lifetime to secure your financial future.
In this episode our US/UK experts have shared the key tax and legal need-to-knows around estate and inheritance tax:
- Step one: Planning now - current tax exposure, the US lifetime allowance, residence and domicile.
- Step two: Estate planning for life - the Nil Rate Band (NRB), gifting, Potentially Exempt Transfers (PETs), Gifts with Reservation of Benefit (GWROB), Excluded Property Trusts (EPT), Qualified Domestic Trusts (QDOT) and life insurance.
- Step three: Writing and updating a will - lasting powers of attorney, do you need a US and a UK will?, trusts, the spouse exemption, letter of wishes and the importance of keeping your will up to date.
Speakers:
Trevor Egan is a Partner at Buzzacott, which is a top 25 UK accountancy firm based in London, specialising in US and UK tax, financial planning and audit. He has over 25 years’ experience in providing effective tax solutions to US citizens and non domiciliaries living in the UK. As well as analysis of US/UK tax residence matters, Trevor advises on UK remittance planning, international pension structuring, FATCA reporting obligations and the US/UK tax implications of marriage/divorce.
Alex Porteous is an Associate Director at Buzzacott, and he works with clients who are American citizens and green card holders resident abroad as well as UK resident, non-UK domiciled individuals. Alex assists clients with US Federal and State income tax returns, foreign account and asset reporting, trust and wealth and estate planning and reporting, UK income tax returns and wealth and estate planning.
Chris McLemore is a Partner at McLemore Konschnik, which is a London-based boutique law firm of US lawyers specialising in tax, trust and estate planning advice for US citizens and green card holders, and their businesses. He represents high net worth families and their advisors on US federal income, estate and gift tax issues. He has significant experience in integrated US/UK estate and tax planning. Chris has extensive experience advising on the relinquishment of US citizenship (and the abandonment of green cards).
Frederick Bjørn is a Partner at Payne Hicks Beach, which is a firm of UK solicitors with a long tradition of providing bespoke legal services with outstanding levels of personal service. He advises a broad range of UK and international clients on personal tax and trust issues, but with his practice increasingly focused on advising entrepreneurial, business families on long term structuring and succession planning. A number of his clients are UK resident non-domiciliaries, who he advises on UK tax, residence and asset structuring.
Plan your next step
If you’re a US citizen living in the UK or you’re planning to move here, there are a number of important life stages you will need to plan for. Our Stepping Stones series brings together leading advisers from various areas of expertise, to provide you with the need-to-knows for each step of your unique journey in the UK.