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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Tuesday, August 23, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$297.00
CLE
CPE
ALL

This CLE/CPE course will provide estate planners and tax advisers with a helpful guide to estate planning tax challenges and opportunities for clients who have a tax presence in both the United States and Israel. The panel will discuss the U.S. tax law and treaty provisions governing tax rules in Israel and the United States. The webinar will focus on the Israeli tax treatment of trusts with U.S. persons as settlers and Israeli residents as beneficiaries.

Faculty

K. Eli Akhavan
Partner
Grant Herrmann Schwartz & Klinger, LLP

Mr. Akhavan focuses his practice on tax and estate planning for high-net-worth US and non-US clients. He advises domestic and international individuals and families with respect to tax and estate planning for their US assets and beneficiaries. Mr. Akhavan also advises cross-border clients on all aspects of international estate matters, including foreign trusts, pre-immigration and expatriation planning, and on planning for the purchase of US residential and investment real property. He has considerable knowledge of the reporting requirements applicable with respect to foreign financial accounts and assets and with respect to FATCA and its global equivalent, the Common Reporting Standards (CRS). Mr. Akhavan's practice includes advising clients on the formation of private trust companies for purposes of wealth management and privacy.

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Gidon Broide
Managing Partner
Broide and Co.

Mr. Broide provides accounting and tax services to Israeli and foreign clients. He and the firm are specialists in the fields of Israeli taxation, including taxation of trusts, individuals and corporate entities. The majority of his clients are Israelis from the Anglo-Saxon countries, mainly the US. He and his team advise multinational families on their tax planning, working closely with top local firms in various countries. He is a qualified Israeli and US CPA with over 20 years of experience.

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Osher Felicia M. Haleli
Founding Attorney
Osher Felicia International Law Office

Ms. Haleli practices U.S.-International estate planning and individual tax, U.S. probate and estate administration and tax. She has over 20 years’ experience advising dual citizens, Israelis and green card holders regarding U.S. inheritance and tax issues, and renunciation of U.S. citizenship and green cards. 

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Matthew A. Levitsky
Partner
Fox Rothschild LLP

Mr. Levitsky handles a range of taxation and wealth planning matters, including domestic and international estate planning, business succession planning, tax controversies, estate and trust administration, and charitable giving, for both corporate and individual clients as well as tax-exempt organizations.

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Description

The close social and political ties between the United States and Israel make for significant economic migration for citizens of both countries. Many American citizens avail themselves of the "right of return" (Hok Hashvut) to emigrate to Israel and claim dual citizenship.

Estate planners and advisers serving clients contemplating emigration to Israel must know specific issues and provisions in Israeli and U.S. law governing estate and trust transfers to avoid costly tax consequences. The differences between U.S. and Israeli estate and wealth transfer rules present several important challenges.

Although Israel does not impose an estate tax, a recently passed Israeli law imposes significant Israeli income tax liabilities and reporting obligations on trusts created by a foreign person with Israeli beneficiaries.

The U.S.-Israel tax treaty allows for reciprocal credits for U.S. estate tax and Israeli taxes. Still, estate planners must reconcile the differences between the two countries' tax regimes and plan to minimize the tax impact of wealth transfers. This requires a thorough grasp of treaty provisions and recognizing the U.S. and Israeli income and gift tax implications of wealth planning transactions.

Listen as our experienced panel discusses planning clients' estates with U.S. and Israeli tax presence, focusing on Americans seeking Israeli citizenship, including interests in business entities, real estate, and financial accounts. The panel will cover the legal and tax considerations when planning for the disposition of each type of asset.

Outline

  1. Estate planning and probate for the global family involving the U.S. and Israel
  2. Israeli income tax treatment of foreign trusts
  3. U.S.-Israel income tax treaties
  4. U.S. disclosure requirements
  5. Structuring and planning before emigration to Israel

Benefits

The panel will review these and other notable issues:

  • What are the considerations required to reduce the overall cost of inheritance, including relevant taxation, when there are U.S. and Israeli nexuses?
  • What is the tax treatment for foreign-settled trusts with Israeli beneficiaries?
  • Where are the "gap" areas in the U.S.-Israel tax treaty where income may be subject to dual taxation, and how may planners structure trust vehicles that minimize the impact?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify differences in U.S. and Israeli estate and inheritance law that may impact the U.S. estate plans of taxpayers with a presence in Israel
  • Determine needed steps in adjusting existing U.S. estate plan before emigrating to Israel or seeking dual citizenship
  • Recognize income tax impact of foreign-settled or situs trusts with Israeli beneficiaries
  • Discern areas where the U.S.-Israel tax treaty may not protect trust assets and distributions from dual taxation

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, drafting wills and trust documents, supervising other attorneys or estate planners. Specific knowledge of concepts regarding taxation of foreign investments held by U.S. taxpayers; familiarity with tax treaty provisions.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).