A new wealthy client meets with you to confirm advice given to him by his European accountants regarding U.S. estate tax law. He just moved to the United States on a temporary basis due to a work-related transfer. His company, based in Ireland, where he serves as a high level executive, just merged with a huge multi-national pharmaceutical conglomerate located in New Jersey. In his early 50s, he anticipates his assignment will keep him in the United States for three to six years. He has no intention of staying in the U.S. once his assignment terminates, as his wife and two of his three adult children are still based in Europe and are not joining him.
Your client has established an investment account with a prestigious U.S. brokerage firm and maintains several million dollars in a securities portfolio there, as he very much likes the U.S. investment advisor he recently met. The Dublin branch of his company’s international firm, which has tax accountants who prepare all the top level executives’ income tax returns, advised him that since he is not a resident of the United States for estate tax purposes, he has no estate tax concerns in opening the account. Are they correct? And, if not, what can he do to right those issues?
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