Lawyer Huang Huili’s legal mailbox (20)

Lawyer Huang Huili’s legal mailbox (20) 1. I entered the United States in August this year to study for a master's degree at a new university. However, this time when I entered customs, the immigration officer did not ask me...

Lawyer Huang Huili's legal mailbox (20) 1. I entered the United States in August this year to study for a master's degree at a new university. However, this time when I entered customs, the immigration officer did not stamp my I-20M form. Is this normal? Answer: Starting from August 10, 2012, the U.S. Customs and Border Protection (CBP) has canceled the requirement to stamp entry stamps on the I-20 and DS-2019 forms for students and scholars holding F, M, and J visas who want to enter the United States. This approach of U.S. Customs is mainly to synchronize with the management system of the U.S. Immigration Service. Although the U.S. Customs has always stamped the entry stamp on the I-20 and DS-2019 of incoming students, this stamp is not necessary because the customs entry stamp on the I-20 and DS-2019 does not represent the student's legal status or semester time. Currently, some federal and state offices still require international students to provide stamped I-20 and DS-2019 forms because regulations vary from state to state. If your government agency only accepts stamped I-20 and DS-2019, you can go to the official website of the US Citizenship and Immigration Service to make an appointment to have your entry stamp reissued at the local immigration office. Please note that this appointment service provided by the USCIS is only during the current transition period, and this appointment service will cease on November 21, 2012. If international students still have any questions about this, please contact the SEVP agency directly at 703-603-3400 or SEVP@dhs.gov. 2. My father is seriously ill. He wants to know how much inheritance tax he will have to pay if he dies. I also want to make a personal tax plan. Any suggestions? Answer: Many tax policies may change in 2013. There are several aspects to consider below. 5.12 million estate tax and lifetime gift tax exemptions are set to expire at the end of this year. This year, if someone inherits the estate of a deceased person, an estate worth RMB 5.12 million will be exempt from estate tax. Gift tax and generation-skipping inheritance tax (generation-skipping) are also exempted at this amount. Before their death, they can make a gift to anyone, including grandchildren or charity. The combined tax savings for the couple is 10.24 million yuan. By 2013, this exemption amount may drop significantly, or it may return to the 2002 standard, with only 1 million yuan of inheritance tax exemption per person. Give appreciated stock to charity. Whenever possible, gifts of stock rather than cash should be given to charitable organizations. This has the two benefits of being able to make a gift and not having to pay capital gains tax. Consider converting to a Roth IRA. If you have low or no income now and will have higher income in the future, it may be a good plan to convert to a Roth retirement account. Transfer the annual gift tax exemption of $13,000 to your children or grandchildren through college savings plans (529 plans). The account grows tax-free, and the money in the account can be invested for future education expenses for children or grandchildren. Pay attention to the Foreign Accounts Act. If you have a foreign account, not only do you need to report cash in the account exceeding $10,000, but now all foreign banks and institutions must also report to the IRS foreign investment accounts of Americans exceeding $50,000. If they fail to report, the US government will punish them and deduct 30% of their investment profits in the United States. Of course, everyone’s situation is different, so please consult a professional accountant or licensed financial planner for the best plan.