If you are a in the US on an H-1B visa and have more than $60,000 in assets here, keep reading. The United States Federal Estate Tax applies to you. The tax will apply differently to you based on whether you intend to return to your home country or already consider the US home and you plan to stay. Either way, the tax is very likely more a significant issue than you realize. Planning is appropriate. Continue reading Estate Planning for H-1B Workers: Part 2 – The US Death Tax and you.
On May 9, the Tennessee House passed the Senate’s bill to add a new chapter to Title 61 of the Tennessee Code governing limited partnerships. The bill as has passed both houses can be read here: SB0438. It is now headed to Governor Haslam’s desk for his signature. Once signed by the Governor, the act will take effect January 1, 2018.
Last week, Governor Haslam signed several new bills into law. I previously blogged about a bill which updated a number of areas of Trust and Probate law here which has been signed by the Governor.
Three other bills have been signed by the Governor which update several other areas of probate law. Two of these change the amount from $10,000 to $15,000 that may be paid out without probate by a credit union and bank, respectively.
The third act updates accounting procedures in Tennessee probate estates. My reading of third act is to eliminate a court’s discretion to require an accounting if the Will waives it. Instead, a status report detailing issues to be completed before the estate can be closed will be due within fifteen months from the opening of the estate. I also read a new TCA 30-2-601(b)(2) to allow the personal representative to be able to close an estate without an accounting even if all receipts have not been received. In such event, the personal representative would give notice to the beneficiary who has failed to give a receipt. If the beneficiary no-shows at the hearing to close the estate (or appears, but does not participate), the “[f]ailure of a non-compliant distributee to appear and or participate in the hearing shall result in a final order closing the estate.” [emphasis added].
There are also new statutory forms for the receipt and waiver.
A copy of the bill as signed by the Governor can be viewed here: Pub. Ch. 0280.
It should be noted that this bill updating probate accounting procedures became law as soon as it was signed by the Governor last week (as opposed to July 1 when most new laws become effective).
Many people who are highly educated citizens of foreign nations come to work in the United States on a temporary basis on H-1B visas. The H-1B visa allows an individual from another country with at least a bachelor’s degree (or significant experience) to come to work here in the United States in a “specialty occupation.”
The question has come up as to the citizenship of a child born here while the parents are technically only present here temporarily for work. Continue reading Estate Planning for H-1B Workers: Part 1 – If my child is born here, is he a US Citizen?