¶ … Planning
What issues should be considered when a freezing order is issued against your client?
A freezing order, of course, is when the assets in question are frozen. This does not change the ownership of the asset but it does deprive the person from moving or harnessing the asset for as long as it's frozen. A frozen bank account is a specific example of this but it can apply to life insurance or any other retirement asset. The courts can issue a freeze order as can certain high-level politicians like the President if there are foreign business or people involved. A freezing order does not mean that the assets have been or will be confiscated but it could end up being that way depending on what is going on.
As for how to react to a freezing order, the first order of business is to figure out why the assets in question were frozen. The reasons can vary quite a bit such as divorce proceedings, contestation of wills and/or probate, suspicions of criminal behavior by federal, state or local authorities and alleged involvement with countries and/or businesses that are deemed to be averse to the United States or the country at hand.
If it is a criminal matter, then the client should cooperate fully so as to get the assets unfrozen. If it's a will/probate/divorce matter, then the person who owns the assets will have to assert and testify that they should get the asset. If it's an international kerfuffle, then the person who owns the assets along with counsel can work with the courts and authorities to get the assets unfrozen (Adkisson, 2013).
Discuss the tax return requirements for trusts and estates with nonresident alien beneficiaries.
The major consideration when dealing with non-resident alien beneficiaries is whom taxes will be owed to. Non-residents for tax purposes typically pay little to nothing to...
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