GC for father/tax impact

zNaV

New Member
#1
Hello - I (US Citizen) am in the process of applying for a Green Card for my father (Citizen of India). One of the questions we have is about the impact of this on estate planning and tax purposes from an inheritance perspective.

I understand that if/when my father becomes a GC holder, he will be subject to the US IRS laws and this will remain in place for the future and will impact how his estate will be taxed.

Are there qualified professionals that can help minimize the taxation impact of this situation? Should we be transferring assets before his GC is approved?

Thanks in advance for your help
 
#1
Hello - I (US Citizen) am in the process of applying for a Green Card for my father (Citizen of India). One of the questions we have is about the impact of this on estate planning and tax purposes from an inheritance perspective.

I understand that if/when my father becomes a GC holder, he will be subject to the US IRS laws and this will remain in place for the future and will impact how his estate will be taxed.

Are there qualified professionals that can help minimize the taxation impact of this situation? Should we be transferring assets before his GC is approved?

Thanks in advance for your help
I don't think anyone is going to give you advice on tax evasion buddy. Anyways....

If your dad does become a GC holder he will be liable for taxes in America.

Consult with a tax attorney or a cpa to see what taxes your dad might be open too.

Big assumption on my part. But I'm guessing his assets are large if you're thinking ahead about tax implications. Do consult with a CPA.
 
@Jbuff - If jumping to conclusions was a sport, you'd win an Olympic medal. This is as much "tax evasion" as is putting money in your 401k so you can withdraw it after you retire. It's tax planning and not evasion.

Please relax and cut out the opinions. Your advice was spot on and you'll find the world appreciates you more if you can dial down this side of you.

Thanks for your help and suggestions.
 
Are there qualified professionals that can help minimize the taxation impact of this situation?

I’m not sure what you mean by the question, as you must know there are qualified professionals that assist in tax planning. Are you asking for specific recommendations, or people who know both US and Indian tax law, or what?
 
Susieqqq
I’m not sure what you mean by the question, as you must know there are qualified professionals that assist in tax planning. Are you asking for specific recommendations, or people who know both US and Indian tax law, or what?

I’m looking for specific recommendations of people who have experience in this field. I’m sure others have been in this situation- so looking to learn from their experiences/wisdom.

Thanks in advance!
 
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