Sarasota Immigrant Resource: Estate Planning

What is estate planning and why do immigrants need it?

Immigrants often come to Sarasota for the investment opportunities and the relaxed atmosphere.  For some, their peak earning years are behind them and they are looking to retire or semi-retire.  Canadians, Germans, and UK citizens regularly fit this category.  We are more than willing to help our clients plan the immigration strategy that works best for them, but we often find that they need assistance in other legal matters as well.  For immigrant investors, one of those matters is estate planning.  We are not experts in estate planning so we recommend our clients go to other attorneys, such as Bradley Magee.

Attorney Bradley Magee is a trusts and estates lawyer in Sarasota.  He recently provided us with some of the information he gives to his clients and we decided to post it on immigrationsarasota.com as a resource for immigrants who may need these legal services.  For more information on these legal matters please contact Mr. Magee: (941) 918-9894.

Estate Planning

Estate planning is the process of anticipating and arranging for the disposal of an estate during life.  Estate planning typically attempts to eliminate uncertainties over the administration of a probate (execution of the Will after death) and maximize the value of the estate by reducing taxes and other expenses.  Guardians are often designated for minor children and beneficiaries in incapacity.

Global Taxation

An important consideration for any foreign person contemplating immigration to the US is that after establishing US residence for US income and transfer tax purposes, they will be subject to the global application of the US income tax and taxation of their worldwide estate for US estate tax purposes.  Before coming to the US, such a client should consider accelerating taxable income, postponing possible income tax deductions and engaging in other asset and trust transactions to limit or eliminate future US income and transfer tax risks.

FIRPTA

This is one of the most common issues we come across.  Standing for Foreign Investment in Real Property Act, FIRPTA authorizes the IRS to collect taxes on real estate transactions carried out by foreigners.  The IRS does so in several ways, including.

1. Withholding tax: When the non-resident, non-citizen (NRNC) sells the property, any gain realized will be subject to tax, and the buyer must generally withhold 10% of the purchase price and remit it to the US government.
2. Rental Property Income Tax: There is a general 30% withholding on rental income from US real property owned by the NRNC unless a treaty provision changes that or the NRNC elects to have the rental activity treated as a US trade or business subject to the US tax generally.

There are strategies for mitigating this tax burden and we urge our readers to consult with a trusts and estates attorney and a CPA who is in expert in foreign tax matters.

Source: http://images.jw.com/com/publications/992.pdf

Estate Planning Attorney Bradley D. Magee

Bradley D. Magee practices law devoted to wills, trusts, estate planning, probate, taxation, business transactions, contracts and non-profits in Sarasota, FL.  Mr. Magee became an attorney in 1983, a Certified Public Accountant in 1987, and is a former litigator for the Internal Revenue Service.  He received a Juris Doctorate Degree and a Master of Taxation Degree from the University of Akron, and an LL.M. in Taxation Degree from the University of Florida Law School.  He is a member of the Florida Bar in good standing since 1990.

As he explains there are 8 estate planning issues that everyone must address:

1. Wills – A legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children.
2. Trusts – A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
3. Durable Powers of Attorney – This is a power of attorney that will continue to be effective even if the grantor becomes incapacitated.
4. Living Wills – A set of written instructions that a person gives that specify what actions should be taken for their health if they are no longer able to make decisions due to illness or incapacity.
5. Health Care Surrogates – A health care surrogate is an adult who is appointed to make healthcare decisions for you when you become unable to make them for yourself.
6. Pre-Need Declarations of Guardian – This document states your preference for a guardian of both you and your property if you should become incompetent to manage your own affairs.
7. HIPAA Medical Release – This allows others to see your private medical data.
8. MEDICAID Planning – The process of utilizing and protecting assets within state and federal guidelines, in the event of a costly, long-term nursing home stay or an extended at home stay.

Bradley Magee can help Sarasota immigrants with all these documents.  For more information please contact Mr. Magee: (941) 918-9894.

Wir Stellen Vor: Jaensch Immigration Law Firm

We are pleased to share an article written about our firm by the SunState Post in their latest issue.

Jaensch Immigration Law Firm Team

Direkt im Herzen von Sarasota finden Sie das alteingesessene Unternehmen: Jaensch Immigration Law Firm. 1984 gegründet gehört das Unternehmen heute zu den großen und namhaften Anwaltskanzleien an der westlichen Golfküste von Florida, die sich auf das Immigrationsrecht spezialisiert haben. 

Die SunState Post besuchte den erfahrenen Immigrationsanwalt Peter Jaensch. 

The SunState Post: Seit wann sind Sie in Ihrem Berufsfeld tätig und wie hat alles angefangen?

Herr Peter Jaensch: Ich bin nunmehr seit fast dreißig Jahren als Immigrationsanwalt tätig. Ich war damals einer der ersten, der sich auf das Rechtsgebiet Immigration an der Westküste Floridas, spezialisierte. Im Laufe der vielen Jahre hat unsere Kanzlei ca. 17000 Fälle bearbeitet, wovon 99% zum Erfolg führten. Den genauen Sachverhalt eines Auftrages prüfe ich im Vorfeld. Das stellt sicher, dass dieser dann auch erfolgsversprechend ist. Sollte nach Überprüfung des Sachverhalts und der Gegebenheiten bereits erkennbar sein, dass das gewünschte Ziel nicht erreicht werden kann, nehmen wir den Auftrag erst gar nicht an.

The SunState Post: Wie ist Ihre Kanzlei heute aufgestellt?

Peter Jaensch: Seit kurzem sind meine beiden Kinder, Christopher und Victoria, die inzwischen ihr Studium abgeschlossen haben, auch als Anwälte in unserer Kanzlei tätig.

The SunState Post: Herr Jaensch, wie gehen Sie im Einzelnen vor, wenn ein Mandant zu Ihnen kommt und einen Immigrationsantrag stellen möchte?

Peter Jaensch: Zunächst haben wir ein Erstgespräch, um das Vorhaben des Immigrationswilligen zu erfassen. Anschließend geben wir ein wirklich ehrliches Feedback, ob von einer hohen Erfolgswahrscheinlichkeit ausgegangen werden kann. Sollte die Beurteilung der Antragschance positiv ausfallen, besprechen wir den Verlaufsplan. 

The SunState Post: Wie verhält es sich mit den Kosten und Gebühren? 

Peter Jaensch: Ja, das ist für alle meine Mandanten sehr wichtig. Wir teilen im Vorfeld klar mit, welche Kosten entstehen werden. Wir haben feste Gebühren und klare Vereinbarungen. Das schätzt unsere Kundschaft sehr.

The SunState Post: Haben Sie im Laufe der Jahre auch Investorenvisa vermittelt?

Peter Jaensch: Ja, wir vermitteln jährlich eine Reihe von Investorenvisa. Wobei hier das Minimum der Investition ca. 100.000,- Dollar beträgt. So können Sie sich vorstellen, dass wir im Laufe der Zeit sehr viel Geld nach Florida gebracht haben.

The SunState Post: Werden bestimmte Länder bei der Vergabe der sogenannten Green Card bevorzugt?

Peter Jaensch: Ja, das kann man so ausdrücken: die USA hat mit 35 Ländern Abkommen geschlossen, darunter auch mit der Bundesrepublik Deutschland. Staatsbürger aus diesen Ländern mit dem eben angesprochenen Abkommen, können grundsätzlich einmal im Jahr an einer, von der Regierung der USA durchgeführten Green Card Verlosung teilnehmen. Ich erlebe aber jahrein und jahraus, dass trotz dieses, von der Regierung durchgeführten, nahezu kostenfreien Verfahrens, viele Hilfesuchende zu uns kommen. 
Dies wohl deshalb, weil sie an der Zahl der Vorschriften, die mit diesem Verfahren verbunden sind, die Gefahr für sich sehen, alleine den Antrag nicht erfolgreich zu durchlaufen. Wir halfen bereits ganz vielen Mandanten und führten sie durch das Verfahren. 

The SunState Post: Welche Visaarten kommen noch in Betracht?

Peter Jaensch: Zum Beispiel auch das L-1 und das E-2 Visum . Wichtig ist zu wissen, wenn man sich für eine dieser Visa-Arten entscheidet, dass das Visum in Abhängigkeit mit einem Geschäft ist. Dieses muss aktiv betrieben werden. 
Es gibt aber auch die Möglichkeit, sofern man über die erforderlichen Mittel verfügt, eine reine monetäre Investition zu leisten, um damit ein Visum zu erhalten. Die finanziellen Mittel werden dann von einer speziellen Agentur (regional center) in Gebiete geleitet (targeted areas), wo dringend Arbeitsplätze geschaffen werden müssen. 
Meine Deutschen Kunden sind, wenn sie zu mir kommen meistens sehr gut vorbereitet.

The SunState Post: Gibt es einen Geschäftsbereich den Ihre deutsche Kundschaft bevorzugt?

Peter Jaensch: Ja, das kann man wohl sagen. Die Deutschen gehen ganz häufig ins Real Estate Business (Immobilienvermittlung), während sich Italiener und Franzosen auf die Eröffnung von Restaurants konzentrieren. Das können Sie auch ganz deutlich an unserer Main Street hier in Sarasota sehen.

The SunState Post: Es ist ja im Allgemeinen bekannt, dass es seit dem 9/11/2001 viel schwerer geworden ist in die USA zu immigrieren. Das ist häufig auch der Grund, warum sich manche von den langwierigeren und komplizierteren Verfahren abschrecken lassen. Gibt es weitere Optionen?

Peter Jaensch: Ja, die gibt es. Als klassischer Tourist können Sie sich 90 Tage ohne Unterbrechung in den USA aufhalten. Darüber hinaus können Sie ein B-2 Visum beantragen, das Ihnen bei Bewilligung weitere 6 Monate Aufenthaltsrecht in den USA gewährleistet. Es handelt sich um ein zeitweiliges Besuchervisum. Nicht zu vergessen sind Visamöglichkeiten, die durch Erwerb von Eigentum erhältlich sind. Wenn Sie 500.000 Dollar in Immobilieneigentum in den USA investiert haben, ist hieran dann ein mehr als ein halbes Jahr ununterbrochenes Bleiberecht verknüpft. Es gibt darüber hinaus aber noch viele Möglichkeiten zu helfen, dabei kommt es auch immer auf die Bedürfnisse unserer Mandanten an. Wir helfen natürlich auch, wenn es um das Studieren in Amerika geht oder wenn die Eltern von Ausgewanderten in die Staaten nachgeholt werden sollen.

Jaensch Immigration Law Firm bietet seinen Mandanten einen Erfahrungsschatz von 30 Jahren in der Auslegung des bestehenden Immigrationsrechtes. Darüber hinaus steht Peter Jaensch und sein Team für ständige Weiterbildung und für multilinguale Kundenbetreuung, denn nichts ist besser als einen Mandanten in seiner Muttersprache zu betreuen.

The SunState Post bedankt sich bei Herrn Peter Jaensch für das interessante Interview. 
Wir sind überzeugt mit Jaensch Immigration Law Firm unseren Lesern eine weitere TOP Anwaltskanzlei für Immigrationsrecht vorgestellt zu haben. 

The SunState Post / bip

Manatee Community Federal Credit Union Announces New President, Sherod Halliburton

We would like to take this opportunity to congratulate Sherod Halliburton on his appointment to President of Manatee Community Federal Credit Union.  Jaensch Immigration Law Firm is working closely with MCFCU to enable those who may wish to apply for legalization under the potential new immigration reform may begin saving money in order to do so.  If Immigration Reform passes, applying for legalization would be expensive.  Applicants would have to pay government fees as well as back taxes.  The total amount is still uncertain but is estimated to be in the thousands of dollars per person.  Fortunately, MCFCU has developed a financial instrument that will allow those who qualify to begin saving money now.  For more information readers are welcome to contact Jaensch Immigration Law Firm (941) 366-9841 or MCFCU (941) 941-748-7704 ext. 103.

MCFCU President Sherod Halliburton

In the meantime we are including the press release announcement of Sherod’s appointment below:

Manatee Community Federal Credit Union announces the appointment of Sherod Halliburton to President effective July 1, 2013. He replaces the long standing President Cindy Barco who retired after thirty-five years of exemplary service.  Mr. Halliburton has been employed by MCFCU as Executive Vice President since February 2012.  Prior to that Mr. Halliburton served as the Executive Director for the Bradenton Central Community Redevelopment Agency (CCRA) for over seven years.

While at the Bradenton CCRA Halliburton was instrumental in launching three key economic development organizations – the Central Economic Development Center, the award winning CareerEdge Funders Collaborative, and Suncoast Community Capital. All three organizations have thrived and have filled very important gaps in economic and community development programming in Manatee and Sarasota Counties. Under Halliburton’s direction, CareerEdge was awarded the President’s Award from the Florida Redevelopment Association which celebrates the number one redevelopment project in the state of Florida.  More recently CareerEdge was honored with the Exemplary Collaborative Award from the National Fund for Workforce Solutions given to the top National Fund sites in the country.  “Mr. Halliburton has connections deeply rooted in the community and provides the credit union the ability to deliver financial services and programs that are much needed by our members”, said Vin Foderingham, MCFCU Chief Financial Officer and Board Member.  “The credit union has a great future ahead of it and with Sherod’s leadership there’s no doubt that we will reach another level of success.  We certainly thank Cindy Barco for her exemplary service over the years and wish her well in her retirement.”

Manatee Community Federal Credit Union was founded as Tropicana Employees Federal Credit Union in 1958. Halliburton’s relationship with MCFCU dates back to 2007 when he was the first non-Tropicana employee ever appointed to the board of directors where he served with distinction for five years.  Mr. Halliburton was instrumental in the transformation of MCFCU from exclusively serving Tropicana Employees into one of only three credit unions in Florida designated by the U.S. Treasury Department as a Community Development Financial Institution.  This designation recognizes MCFCU’s commitment to providing quality and specialized financial serves to underserved consumers throughout Manatee County.   “It’s evident that Sherod has a way with making positive changes with all that he undertakes. He has a proven track record as a result of his forward thinking and vision.  I am confident that within the credit union movement he will continue this pattern which can only enhance the lives of our MCFCU members, their families and our community,” says Cindy Barco, retiring MCFCU President.

Find out more about how Manatee Community Federal Credit Union and Jaensch Immigration Law Firm are working together to help Sarasota-Manatee residents prepare for the potential Comprehensive Immigration Reform.

Jaensch Immigration Law Firm Prepares for Immigration Reform

Sarasota Immigration Attorneys Preparing for Increased Demand

Immigration Reform passed the Senate on Thursday, June 27 by a vote of 68-32.  It still has to go through committee and floor debate in the House of Representatives, reconciliation, and signing.  Nevertheless, Jaensch Immigration Law Firm is already preparing in case the bill becomes law.

Senator Marco Rubio, member of the Gang of Eight, after the bill passed the Senate

Last year the firm established a Latin American Division, managed by Cesar Gomez, former director of the Gulf Coast Latin Chamber of Commerce, to expand ties and establish strategic partnerships with the local Latin American community.  What’s more, over the last 6 months the firm has doubled its office space and increased staff by 20% with further increases planned.

“Comprehensive Immigration Reform could change almost every aspect of the immigration system.  It would create many new opportunities, not only for undocumented immigrants, but for investors, students, and workers as well,” says P. Christopher Jaensch, managing attorney of Jaensch Immigration Law Firm.  “Such a sweeping change would create new demand for our services and we want to be ready to handle that,” he adds.

The firm began disseminating information about the bill the moment it appeared.  They created a new website that collects and displays the latest immigration reform news.  They embarked on an informational campaign using emails, social media, and news articles.  The campaign educates the Sarasota-Bradenton area about the possibilities that immigration reform would bring.

Members of the firm traveled to Washington in April before the bill had entered the Senate.  Victoria Jaensch Karins brought letters from Sarasota area employers and individual immigrants demonstrating the need for immigration reform.  Soon after the Gang of Eight unveiled the legislation and submitted it to the Senate Judiciary Committee.

The firm is conducting bi-lingual seminars in Manatee and Sarasota Counties, as well as Arcadia, to explain the provisions of the bill.  They also created a fingerprint data collection center where individuals interested in obtaining information about their own criminal and immigration detention history can have their fingerprints taken and sent to the FBI for a records search. 

“It will be especially important for those who may wish to apply for legalization to demonstrate the absence of a criminal record,” says Mr. Jaensch, “and for that they need to have their fingerprints taken.”  He adds that in the past, “this could only be done through the local jail or police office.”