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The Asia Offshore Association offers a platform for professionals and industry practitioners to exchange information, improve their knowledge and network with like-minded individuals regarding companies, trusts, foundations, fiduciary services, tax and estate planning and virtually any international business issue particularly related to the region.

Our members include lawyers, accountants, trustees, company formation and registered agents, bankers, fund managers, investment advisors and other professionals from all around the globe.

 

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  Committee Member  Corporate Member 
Global Advisory Committee - 
USA (Ft. Lauderdale)

Josh N. Bennett, Esquire
The Law Firm of Josh N. Bennett, ESQ., PA
 


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Labuan IBFC Inc. Sdn. Bhd.

Labuan IBFC is increasingly becoming a choice jurisdiction for investment holding companies and offers a wide range of products such as captive insurance, trusts, fund management, leasing, estate planning, Islamic financial services and wealth management.

Labuan IBFC’s success is a combination of access to Malaysia’s network of double-taxation treaties with 69 countries and it’s cost-efficient and market friendly business environment, supported by professional services in tax, trust and law.

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Estate tax for foreigners who own US real estate in personal names

JACK: In general, what is the issue?

JOSH: Proper planning when a foreigner considers purchasing USA real estate is essential because how title is taken determines whether the property will be subject to federal and state estate tax upon the death of foreign owner. This concern applies whether title is taken in an individual’s sole name or jointly with another person including a spouse. I often have surviving spouses or family members of a deceased foreigner for whom I must handle (1) filing federal and state estate tax returns, (2) payment of estate tax, and (3) if the decedent owned the property in individual name, an ancillary or initial probate administration.

When the foreigner is still alive there may be a number of viable options available to minimise or avoid the exposure to estate tax and probate. When the FO is already deceased, there are very limited options depending upon the circumstances.

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