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Crossing Borders: Planning for Wealth in MotionCrossing Borders: Planning for Wealth in Motion

Know the different tax rules for U.S. and foreign persons to avoid unnecessary taxation

16 Min Read
Crossing Borders: Planning for Wealth in Motion

The wealth management world is increasingly international, particularly with the great mobility of wealth owners and the diminishing barriers of borders. The trends in students coming from abroad, family immigration and foreign investment in the United States present a multitude of wealth planning opportunities, as well as some potential pitfalls. 

 

Who’s Coming?

Consider these statistics:

 

• In the academic year that ended May 2012, an estimated 820,000 foreign students studied in the United States, up more than 7 percent from the previous year, the seventh consecutive year of increase and the steepest rise in four years. International students add approximately $24 billion to the U.S. economy annually.1

• Between 468,000 and 482,000 immigr...

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About the Authors

Cynthia Brittain

Cynthia Brittain is a senior fiduciary officer at The Northern Trust Company’s Santa Barbara, Calif. office.

 

 

Suzanne L. Shier

Suzanne L. Shier is the Wealth Planning Practice Executive and Chief Tax Strategist for Wealth Management at Northern Trust. In this capacity, she is responsible for leading the Wealth Management wealth planning group and for providing thought leadership on federal tax issues of interest to clients, with a special emphasis on tax policy and legislation, charitable giving, cross-border trust design and fiduciary law.

 

Prior to joining Northern Trust, Ms. Shier spent 26 years as a partner at Chapman and Cutler LLP in Chicago, ultimately leading the firm’s Trusts and Estates Practice Group, representing individuals, charitable organizations, and corporate fiduciaries in a full range of estate planning and fiduciary services, including cross-border planning, and fiduciary administration matters.
 

Ms. Shier is an adjunct professor in the Master of Laws in Taxation Program at Northwestern University Law School and also a frequent speaker and author. She has been quoted in publications such as the Wall Street Journal and Bloomberg and has received numerous professional honors and recognitions.

Ms. Shier earned her bachelor’s degree with distinction in economics and sociology from the University of Michigan in 1982. She received her law degree, cum laude, from the Loyola University Chicago School of Law in 1985 and a master of laws in taxation from the DePaul University College of Law in 1997.

In the civic community, Ms. Shier is actively involved in many diversity and education initiatives, including serving on the Boards of Directors of Gads Hill Center, as a Trustee of Hope College, and as Chairperson of the Board of Directors of Chicago Scholars, a college access program for high potential urban students. 

Ms. Shier is a fellow of the American College of Trust and Estate Counsel where she is a member of the International Committee and a member of the International Bar Association, the Society of Trust and Estate Practitioners, the American Bar Association and the Chicago Estate Planning Council.

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