Expats should include their pets in estate plan

A majority of American households today make pets a part of the family. More and more, people want to see pets provided for even after the passing of the human members of the family. In the past,

inadequacies with the law made this impossible. However, now almost every State allows for trusts to be established solely for the benefit of caring for a pet after its family has passed on. Paramount to the trust is not only providing the financial means to care for the pet but to also lay out the wishes of the pet’s owner to ensure the level of care the trust is intended to provide. That is why this trust not only provides for a trustee but also the role of an enforcer to make certain the owner’s wishes are being respected.

Make the effort to remember your pets when creating your estate planning – they may live longer than you!  Need help. Contact us at ddnelson@gmail.com or visit our website www.taxmeless.com 

FBAR FORM 114 DEADLINE FOR FILING IS JUNE 30TH

The deadline for filing  the 2015 form 114 to report your foreign bank and other financial accounts is coming up on June 30th.  The form must be filed on line and cannot be extended for any reason. Read more details in this article from Forbes Magazine.

If your foreign asset values exceed a certain amount you may also have to file form 8938 with your tax return. The penalty for failing to file that form is $10,000.  That form (if required) must be filed even though you also reported on Form 114.

If you have questions on these forms or on other foreign asset reporting IRS rules, you can request a mini consultation by emailing us ddnelson@gmail.com.