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Expatriates have to navigate three tests to determine whether they will be covered expatriates. In this session, we will discuss the Net Worth Test in depth. How do you know what you own vs. what belongs to your spouse? What assets and liabilities are included? How do you value them? What can you do if your net worth is "too high"? Learn the basics and the not-so-basics in this Net Worth Test crash course.
* Learn basic concepts about allocating assets between spouses
* Identify what assets and liabilities are included in the net worth test
* Understand valuation methods that can be applied to your assets
* Learn strategies for reducing net worth to avoid being a covered expatriate
* Three tests for covered expatriate status
* Net worth test
* Marital property
* Valuation concepts for expatriates
* Gift tax and filing requirements
Lawyers and CPAs.
Debra Rudd is a CPA at HodgenLaw PC, a boutique international tax law firm in Pasadena. She has a bachelor’s degree in philosophy from Columbia University and is pursuing a master’s degree in taxation at Golden Gate University.
In addition to managing the firm’s day-to-day operations, she prepares complex tax returns for high net worth individuals and various entities. Focus areas include passive foreign investment companies, controlled foreign corporations, foreign trusts, and foreign investment in U.S. real estate. Russ frequently writes and speaks on various crossborder tax topics for HodgenLaw and CalCPA.