Foreign Persons and Foreign Assets: What You Need To Know When Your Clients Or Trusts Have Foreign Connections (Plus the Corporate Transparency Act!)

Date: Tuesday, May 23, 2023
Time: 5:30pm - 8:00pm
Location: Pacific Club | 4410 MacArthur Boulevard | Newport Beach 92660
Speaker: Jacqueline D. Yu, Esq., LL.M., TEP - Law Office of Jacqueline D. Yu


In 2022, the Tax Justice Network released its Financial Secrecy Index, ranking the United States as the most secretive financial jurisdiction in the world. The Financial Secrecy Index ranks each country based on how intensely the country’s financial and legal system allows individuals to hide and launder money extracted from around the world. The United States has moved to the top of the Financial Secrecy Index. In a bipartisan effort to combat money laundering and the concealment of illicit money through shell entities established in the U.S., including trusts, Congress enacted, on January 1, 2021, The Corporate Transparency Act (CTA). The CTA mandates the creation of a database of “Beneficial Ownership Information” (BOI) and the reporting by U.S. legal entities of beneficial ownership information to the U.S. government, effective January 1, 2024. This presentation will provide an overview of the relevant U.S. federal tax rules and planning considerations that advisors should consider when representing clients who are foreign persons and/or have foreign assets and the reporting requirements reflected in the final rule issued by the Treasury's Financial Crimes Enforcement Network (FinCEN) as mandated by the CTA. 

Notes:  This program qualifies for 1-hour of continuing education credit for Attorneys, CPA's, Planned Giving Specialists and Professional Fiduciaries. This program is pending approval with the CFP Board of Standards, and American Bankers Association. This presentation does not qualify for Life Insurance continuing education.

~ Speakers this month are Jacqueline D. Yu and Bryan D. Kirk ~

Jacqueline Yu offers a breadth of experience as an advanced estate planning, business succession planning and trust administration attorney representing high net worth individuals, families, and business owners in both domestic and international matters.

Ms. Yu uses her background in estate planning, administration, tax and accounting, as well as her experience in family governance and conflict resolution to help her clients create and implement comprehensive estate and tax plans. These plans maximize her client's wealth transfer, reduce their tax exposure, and protect their assets from creditors, while carrying out their wishes to loved ones and successive generations.

She holds a Juris Doctorate degree from Notre Dame Law School, a Master of Laws degree from UCLA School of Law (Tax and Business Law Specialization), and a Bachelor of Arts degree from UCLA (Political Science-International Relations Concentration and Asian American Studies-Ethnic Studies). She has worked for some of the most prominent trusts and estates law firms, including Horton, West & Bowman, LLP, Valensi Rose, PLC, and Karlin & Peebles, LLP. In addition, she has worked as a tax consultant at Moss Adams, LLP, one of the top fifteen largest accounting firms in the United States.

Ms. Yu has long been active in supporting causes and organizations empowering women, minority, immigrant, and LGBTQ communities and advocating for sustainability-driven innovation. She currently serves on the board of the Asian Business League of Southern California and the advisory board of APAIT- A Division of Special Service for Groups. She has also been a member of the United Nations Association - National Capital Area in Washington, D.C., and the Los Angeles World Affairs Council and Town Hall.

Ms. Yu serves on the Executive Committee of the Trusts and Estates Section of the Beverly Hills Bar Association and as a Co-Chair of the Los Angeles Chapter of the Tax Lawyers Committee of the California Lawyers Association. She is a member of the State Bar of California and represents clients throughout the state, as well as those living abroad who own property or have other interests in California.

Bryan D. Kirk, Director of Estate and Financial Planning and Trust Counsel, is responsible for overseeing financial and estate planning services for Fiduciary Trust. In addition, he regularly consults with clients across the country and internationally on the integration of their goals and circumstances into their financial and estate plans. Bryan has broad experience in multi-generational asset management and wealth transfer planning. He serves as Chief Fiduciary Officer of Fiduciary Trust International of California and is a member of Fiduciary    Trust’s Management and Operating committees. Bryan regularly writes, speaks, and contributes to content on topics related to wealth planning, including publications in the New York Times, Barron’s, Financial Planning, Trusts & Estates and Estate Planning. Before joining Fiduciary Trust, he practiced law in San Francisco and Sonoma County, California. He earned his law degree from University of California, Berkeley, has a Master’s degree in theological studies from the Jesuit School of Theology of Santa Clara University, and graduated, cum laude, from Claremont McKenna College with a Bachelor of Arts degree in literature and government. He is a Certified Specialist in Estate Planning, Trust and Probate Law by The State Bar of California and a full member of the Society of Trusts and Estates Practitioners (STEP). Bryan is also a Certified Financial Planner™ professional.

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