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Navigating the Next Chapter: Estate Tax Mitigation and Wealth Preservation Strategies for Exiting Australia/US Entrepreneurs
In this webinar, Arete Wealth Strategists Australia Founder/Principal Ashley Murphy, CFP® GFP Fellow will delve into advanced strategies for exiting Australian business owners navigating U.S./Australian cross-border wealth management.
Ashley Murphy, CFP® GFP Fellow, is a tri-citizen of the USA, Australia and the UK. Ashley is the founder and Principal of Arete Wealth Strategists Australia, a fee-only financial planning and investment management firm for Australian/American expatriates in the United States and Australia.
From 2014 - 2017, Ashley taught in the CFP programs at UC Berkeley Extension and Golden Gate University. He served as a Knowledge Circle host for the Financial Planning Association's International and Cross-Border Knowledge Circle (2017 - 2019), and is a regular conference speaker. He holds a Graduate Diploma in Financial Planning in Australia making him one of the few financial advisors qualified in multiple countries. Ashley has been quoted in the Wall Street Journal and profiled in Financial Advisor Magazine.
Ashley lives with his wife Eliza, and daughters Elise & Jasmine in Minneapolis, MN. He enjoys cycling, reading and world travel. He is a futurist with interests in architecture, renewable energy and demographics.
The session will explore estate tax mitigation techniques, including navigating the U.S. estate tax exemption, utilizing trusts like ILITs, GRATs, and CRTs, and leveraging foreign tax credits. Additionally, it will cover post-exit wealth preservation strategies such as state-specific residency planning, philanthropic vehicles beyond DAFs, tax-efficient investment strategies, and cross-border retirement planning to optimize wealth across borders.
Some of the relevant issues that will be addressed include:
Estate Tax Mitigation Strategies
- Domicile Considerations: Understanding how domicile affects U.S. estate tax liability for Australian residents with U.S. assets, and strategies to manage domicile status.
- Navigating the $13.99M US estate tax exemption (IRC §2010) for non-domiciled Australians and Utilizing Foreign Tax Credits: Exploring how tax treaties between the U.S. and Australia can help reduce estate taxes by allowing credits for taxes paid in Australia, even though Australia does not have estate taxes.
- Irrevocable life insurance trusts (ILITs), GRATs, and CRTs in cross-border contexts
- Pitfalls of Australian testamentary trusts under US tax code
- Asset Protection Trusts: Examining the use of asset protection trusts in both Australia and the U.S. to shield assets from creditors and potentially reduce estate tax liabilities.
- Impact of U.S. Tax Reform: Addressing potential changes in U.S. estate tax laws and how they might affect Australian business owners with U.S. assets.
Post-Exit Wealth Preservation
- State-specific residency planning: (No-income-tax jurisdictions vs. California’s 13.3% rate). Beyond California, discussing other U.S. states with favorable tax environments for wealth preservation, such as Florida or Texas
- Philanthropic Strategies Beyond DAFs: Exploring other philanthropic vehicles, such as charitable remainder trusts (CRTs), that can provide tax benefits while supporting charitable causes
- Tax-Efficient Investment Strategies: Discussing investment strategies that minimize tax liabilities in both the U.S. and Australia, such as using tax-loss harvesting or Direct indexing
- Cross-Border Retirement Planning: Exploring how to optimize retirement savings across borders, including the use of U.S. IRAs and Australian superannuation funds
- International Asset Allocation: Considering how to allocate assets globally to maximize returns while minimizing tax exposure in both countries.
We hope you can join us!
Absolutely! These sessions are for you. Bring your questions and participate during the Q&A.
Not at all. These webinars are designed for all Australian expats, not just clients of Arete.
It’s all good. We will record the webinar and send the recording link.
Certainly. Just give them this website address and ask them to register.