Fleece the Fleeing

Giving up a U.S. passport carries a hefty new price tag. A new law subjects certain individuals who expatriate or give up their green cards to immediate tax on the inherent gain on all of their worldwide assets and a tax on future gifts or bequests made to U.S. citizens or residents. Trustees of non-grantor trusts with beneficiaries who expatriate are required to withhold tax from certain distributions

Giving up a U.S. passport carries a hefty new price tag. A new law subjects certain individuals who expatriate or give up their green cards to immediate tax on the inherent gain on all of their worldwide assets and a tax on future gifts or bequests made to U.S. citizens or residents. Trustees of non-grantor trusts with beneficiaries who expatriate are required to withhold tax from certain distributions and pay the tax over to the Internal Revenue Service. These onerous and far-reaching obliga

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