Below is a link to valuable planning advice for seniors (or, really, for anybody).

Just how should we update these instructions to include what we have to do if we are also a “US person” in another country?

What should we do to make sure that a disabled member of our family (including those who may eventually be affected by an unfortunate accident, dementias, etc.) is properly looked after from whatever our estates will be?

Can we satisfy the laws of the country we live in and the country we left, the USA?  If so, what will be the extra expense, administration for a US person living abroad?

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The US Federal Debt limit now stands at $16.394 trillion.  Here is a video that explains how that works.  Hat tip Zerohedge.  Open thread means feel free to share anything on your mind.

I am going to post the reply letter I received from the Finance Minister.

Although the content is encouraging, I sense that the Canadian Government believes our problem has been ‘solved’ by the December 13th IRS Fact Sheet, and the only other obstacle to deal with is FATCA.

Having said that, I  give credit to the reply, and have faith that the Canadian Government is at least making an effort.

Hon_Jim_Flaherty_NEW

Hmmm, is there more to it than just getting the USC’s?  And now what happens to the USC’s who switched to Wegelin from UBS?

excerpts of interest:

To avoid risks of legal “contamination” from Wegelin’s problems in the U.S., where three of its Switzerland-based private bankers were this month indicted by the U.S. authorities, Raiffeisen is not buying any of the latter’s U.S.-related business.

In a complex deal, Wegelin, founded in 1741 and controlled by eight partners who have the risk of personal liability, has transferred all its non-U.S. activities to a formerly passive sub-brand, Notenstein Privatbank. The latter has in turn been sold to Raiffeisen, where it will form a standalone subsidiary.

Wegelin’s problems arose from the revelation that – like a handful of other Swiss banks – it had, from roughly 2008, taken the ill-judged step to welcome former U.S. offshore customers of UBS AG

Many such clients were desperate to establish a new Swiss banking relationship once UBS decided to close its Swiss-based offshore private banking operations for rich Americans after a legal battle with the U.S. authorities, which ended with a $780-million settlement and the disclosure of almost 5,000 U.S. client names.

http://www.theglobeandmail.com/report-on-business/international-news/european/article2317658.ece

Here is the link to the IRS News Room. I expect that within the next year, the U.S. will pass a law applicable to every  country, making this (IRS News Room) the home page on every browser of the world. Not only is intended to be the “Latest News”, but it is intended to be the only news.

Here is the part that announces the December FS – the information to U.S. citizens and dual citizens living outside the United States:

Information for U.S. Citizens or Dual Citizens Residing Outside the U.S.
FS-2011-13, December 2011 – This fact sheet summarizes information about federal income tax return and FBAR filing requirements for duel citizens in Canada, the United Kingdon and other countries.

Do you see anything wrong with this?  There are at least two mistakes. Do you think the use of the word “duel” is a Freudian slip?

Here is information from the Federal Register dates January 26, 2012. Note the penalties. If you are a permanent resident of Canada who has not become a Canadian citizen …

http://www.gpo.gov/fdsys/pkg/FR-2012-01-26/html/2012-1567.htm

[Federal Register Volume 77, Number 17 (Thursday, January 26, 2012)]
[Proposed Rules]
[Pages 3964-3966]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-1567]

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