Case Studies for Trusts and Estates International Clients: Success Story #1

Case Studies for Trusts and Estates International Clients: Success Story #1

Case Study 1:

Deniz and Isra are married and have a son, Emre. Deniz and Isra are Turkish Citizens and residents and are searching for an apartment for Emre in New York City. All are non-resident aliens with Emre on an f1 student visa, who is considering staying in the United States post-graduation. The parents have a budget of $700k to purchase a condo apartment for Emre’s use while he is studying at a new york city-based college. The primary objective is instead of using funds to pay for a rental for Emre, to purchase a place for him to live (during school and potentially after graduation, or to rent it in the event Emre were to return to his home country, and eventually sell the property at a profit. Emre is young and in good health.

In this situation, we recommended that funds be gifted to Emre to be able to purchase the unit via a revocable trust of which Emre is the settlor, trustee, and beneficiary, with the parents (or other relatives) as successor trustees and beneficiaries in the Emre were to become incapacitated or pass away. Emre would also purchase a relatively affordable life insurance policy to be paid to the trust in the event he was to pass away, to cover any us estate tax that may be due. The gifting of the funds to Emre would be carefully planned to avoid the potential for our gift tax being charged. Emre may also be able to take advantage of certain property and income tax breaks for a primary residence that are permitted under state and federal law.

Click here to read the next Case Study: Case Studies for International Clients: Success Story #2 – Chaves Perlowitz Luftig LLP (

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