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This Article will cover the common topic of what should be stated in the DS-3035 Statement of Reason and a template will be provided since an example can be very beneficial on improving the Filing quality. Why listen to this Article or this Immigration Attorney? Personally, the Attorney married a J1 Teacher and filed for a No Objection Statement Waiver. So, on a personal level, the Attorney has been in the same shoes as many spouses trying to spend their life with a J1 Professional that was originally required to return home/abroad for 2 years (the 2-year home residency requirement). Professionally, the law firm assists J1 Professionals on a weekly basis, and has nearly a decade of experience with J1 Waivers. The Attorney and Team biographies can be seen here: https://www.fickeymartinezlaw.com/team First Item, what is the basis of the waiver filing? What are the options? There are a few waiver basis that someone may apply for. A Rough summary can be seen below: J1 - No Objection Statement by the foreign government (MOST COMMON) J2 Divorce No Objection Statement by the foreign government (Depends on the Foreign Government is J2 are eligible) J1 IGA or an Interested US Federal Government Agency makes the request for the waiver issuance on the visa holder’s behalf J1 Conrad State 30 Program J2 Age-out or Divorce IGA J1/J2 Exceptional Hardship to a U.S. Citizen or lawful permanent resident spouse or child J1/J2 Persecution due to the visa holder’s race, religion, or political opinion Second Item, an understanding of what REQUIRES the J waiver must exist: Merely applying for the DS-3035 is not enough. The DOS Waiver Review Division will require the applicant to show a clear need for the waiver, or else the DS-3035 will be denied UNTIL a required basis is met. The J Visa Restricts all of the following: Immigrate to the US (acquire Lawful Permanent Residence or Green Card) either through the I-485 Adjustment of Status process or the DS-260 Consular Process K-1 Fiance Visa H Employment Visa L Employment Visa If you do not have proof of pursuing one of the above restricted items, the DS-3035 will be denied. For example, if you are pursing marriage-based Adjustment of Status, DOS will require a marriage/marriage certificate. Being boyfriend and girlfriend or even engaged is not enough. If you are pursuing the K1 Fiance Visa, being engaged is enough, BUT you would have a pending or approved I-129F Petition which is the start of the K1 Visa. Another example, if you are pursuing an H-1b Visa, having a resume or degree would be insufficient. DOS will require a conditional offer from a relevant employer. Why Conditional? and, Why Relevant? Employers cannot hire/employ a J1 UNTIL they have an approved H-1B. Employers must be relevant as some would get an offer from a local business or from a friend's moving company, but the H-1B career/field would be teaching or eduction, meaning a school or college would be a "relevant" employer. Third Item, Government Funding? If you received government funding, whether it be by the foreign government or maybe by Fulbright, you should consider repaying the funding. Repayment will issue a repayment certificate that would make you generally eligible for mo J1 Waiver Options. If the funding amount is under $1k or some other small amount, many J1s merely repay the amount or the foreign government may even waive/forgive the funding and issue their own No Objection Statement. Fourth Item, Components of the typical Statement of Reason: Full Name of the J1 Full Name of any J2 Spouse and Children State Citizenship State the Country Imposing the J1 Restriction State the Basis/Waiver Type State that no Government Funding has occurred, or that it has been repaid State whether the waiver is required for Immigration based on marriage, K1 Fiance, H Employment, or L Employment The Statement must be BRIEF, somewhere between 4-8 Sentences. Visually, on the paper, it should be 1/4th to 1/3rd of the page. Writing to much may force a DOS request to re-write and reduce the statement of reason, or to make the point of the request more direct. DS-3035 Statement of Reason Template: I, ________, request the _______ Government to provide a No Objection Letter to the waiver of my 2 year home residency requirement as indicated in my J-1 DS-2019. I did not receive funding from the __________ Government or the U.S. Government in order to pay for my arrival in the United States. The purpose of the waiver is my marriage to a U.S. Citizen, ___________. Upon approval of the waiver, it is my and my husbands intention to begin the Lawful Permanent Resident Process, so that I may permanently stay with my husband. If you are interested in learning more about our law firm J1 Services, we welcome you to visit our website.

An Irrevocable Medicaid Asset Protection Trust (MAPT) is a legal strategy in North Carolina that protects assets from being counted when determining Medicaid eligibility. Medicaid becomes a concern for most people: after they reach the age of 65 and Consider the need for long-term care (e.g. nursing home) To be eligible for Institutional Medicaid or Nursing Home Medicaid in NC, an individual must have an income that is less than the amount Medicaid pays for Nursing Home Care. In 2024, Medicaid pays between $6,381–$9,087 per month or $76,572-$109,044. Additionally, assets of the individual must be worth no more than $2,000 (for a single applicant) or $3,000 (for married applicants who are both applying). There are 2 main exclusions to the $2k or $3k asset limit: the primary residence, and one motor vehicle. To reduce all other assets to be under the $2k or $3k asset MAXIMUM, individuals transfer ownership of property, stocks, and savings accounts through gifts or by selling them and also a Medicaid Asset Protection Trust (MAPT). The Key to Planning is Timing: Medicaid has a 60-month look-back period, where Medicaid reviews all of your financial transactions for five years prior to the date of your application for Institutional Medicaid or Nursing Home Medicaid in NC. Transfers within the 60-month period made for less than fair market value (i.e. a gift or a super discount) will be disallowed and counted as assets, usually pushing the individual over the $2k or $3k asset MAXIMUM for eligibility purposes. So, if you plan or expect to possibly be going to a nursing home in 5 years (e.g. 2030), you would want the MAPT to be created in 5 years in advance (e.g. 2025). Some potential drawbacks of a MAPT: The advanced timing required to create a MAPT, usually five years in advance The Trust is Irrevocable, meaning it is a permanent transfer where an owner is giving up control over the assets The legal costs of setting up a MAPT How do you get started? First, Contact an estate attorney to review your assets, liabilities, and overall retirement plan. The estate attorney can explain the process, assist with creating a trust and will, and explain asset transferring and your ultimate goals. Second, time matters, and starting as soon as you can is important. Disclaimer: This Blog is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney-client relationship between you and the Blog/Web Site publisher. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

Time is always the biggest factor when considering investment and return on capital. Similarly, timing is always the biggest factor of estate planning. This Article will cover the often overlooked importance of estate planning: starting as early as possible . Specifically, we will cover the hypothetical of investing into a retirement account a mere $7000 when a child or grandchild is born. There are two popular/possible “retirement accounts” a parent or grandparent can invest into at or around birth: A 529 Plan Custodial IRA What is a 529 Plan? A 529 Plan is a tax-advantaged savings plan that helps parents and grandparents save for education expenses. The primary purpose of a 529 Plan is for a parent or grandparent to save for a child's schooling or college. However, oversaving is a common concern. To help alleviate the concern, a Roth IRA Rollover option was created in 2022. The Limitations are as follows: Lifetime limit for rollovers is $35,000, which is about 5 years of contributions, based off of 2024's annual limit of $7000. The 529 plan must have been open for at least 15 years . Contributions made to the 529 plan in the last five years cannot be transferred . If the beneficiary child or grandchild contributes to an IRA in a given year (if working during college and contributing to the IRA at the same time), the rollover amount is reduced by that amount. The rollover must be direct, such as plan-to-plan or trustee-to-trustee.

The Thailand J1 No Objection Statement (NOS) Waiver Process is unique. Every Country has a different process, timeline, and required documentation. This post will specifically cover Thailand's process. For starters, there are unrestricted and restricted J1 Professionals. The Restricted Professionals are generally: J1 Teacher J1 Professor J1 Instructor J1 Specialist J1 Researcher J1 Physician J1 Intern J1 Trainee J1 Summer Camp Counselor J1 University Student (Undergraduate, Graduate, and Professional / Doctoral) It is these professionals that this NOS waiver explanation will assist the most. In any given year, there are a little over 9000 new J Visa Holders from Thailand. The 2023 Breakdown of Program and Participants are as follows: Summer Travel/Work: 7567 Student Secondary: 587 Student College University: 329 Intern: 216 Research Scholar: 177 Au Pair: 158 Short-Term Scholar: 116 International Visitor: 73 Trainee: 57 Government Visitor: 36 Alien Physician: 22 Specialist: 6 Camp Counselor: 4 Teacher: 2 Professor: 0 This statistical data is important because when compared to the above list of J-1 Visa Holders that may require the No Objection Statement Waiver, the about 9k Visa Holders reduces to a population of nearly 1000 that may likely require it. Not every J1 will pursue the waiver process and many may desire to return to Thailand, aiming to satisfy the J1's 2 year home residency requirement. This waiver explanation will be broken into parts to help explain the process to the 1000 Thai professionals that may be considering this waiver option. Part 1: Why listen to this Post or this Immigration Attorney? Personally, the Attorney married a J1 Teacher and filed for a No Objection Statement Waiver. So, on a personal level, the Attorney has been in the same shoes as many spouses trying to spend their life with a J1 Professional that was originally required to return home/abroad for 2 years (the 2-year home residency requirement). Professionally, the law firm assists J1 Professionals on a weekly basis, and has nearly a decade of experience with J1 Waivers. Additionally, the law firm provides J-1 Waiver Seminars on a frequent basis. The Attorney and Team biographies can be seen here: https://www.fickeymartinezlaw.com/team Part 2: How can I Clearly Determine whether I am Restricted by the J1 Visa? (aka 212e Specials Skills List or Subject to the 2 year Home Residency Requirement) With any waiver discussion, determining the need for the waiver is important. Generally, if you are a J1 Professional from the list below, you are LIKELY SUBJECT: J1 Teacher J1 Professor J1 Instructor J1 Specialist J1 Researcher J1 Physician J1 Intern J1 Trainee J1 Summer Camp Counselor J1 University Student If the J1 Visa and DS-2019 state you are subject, then you are subject. A much deeper dive into this subject can be seen in the following posts: The DOS Waiver Review Division Advisory Opinion: https://www.fickeymartinezlaw.com/immigration/when-should-a-j1-j2-perform-a-dos-advisory-opinion When the DS-2019 is blank (Common Issue): https://www.fickeymartinezlaw.com/my-ds-2019-is-blank-how-do-i-know-if-i-am-subject-to-the-j1-212e-2-year-home-residency-requirement An Advisory Opinion is a service our law firm assists with. A consultation with an immigration attorney may also be beneficial. Part 3: Why and When do you need the J1 Waiver? The Purpose of the J1 Waiver is to allow the professional to: acquire permission to NOT return home to Thailand for 2 years, and be able to seek a different immigration status, such as: Immigrate to the US (acquire Lawful Permanent Residence or Green Card) either through the I-485 Adjustment of Status process or the DS-260 Consular Process K-1 Fiance Visa H Employment Visa L Employment Visa The Waiver is REQUIRED BEFORE you are able to apply for the above-mentioned immigration statuses. Emphasis on BEFORE, meaning the waiver must be approved by the DOS and USCIS, before DOS and USCIS would allow for a change (and even file for) a different immigration status. Now, the J1 Restriction does not restrict every other immigration status. The following are not restricted: F1 Student Visa R1 Religious Worker Visa B1/B2 Tourist Visa However, because the above statuses are not restricted, they may or may not be available within the us THROUGH THE I-539 CHANGE OF STATUS. Meaning, you might be required to attend the US Embassy to acquire these different immigrant statuses/visas. FINAL POINT ON THIS TOPIC, as many forget, if the F1/R1/B1/B2 visa holder aims to EVER APPLY FOR AND RECEIVE a: Green Card or Fiance Visa or H/L Employment Visa the J1 Restrict MUST EITHER BE: Satisfied by returning to the home country for 2 years Waived by the DOS Part 4: Waiver Breakdown Overview The NOS Waiver process is broken into 2 packets and 3 phases. PHASE 1: Initiating Packet 1: The DOS DS-3035 Waiver Recommendation Application is an electronic filing that auto-generates the forms, statement of reason, and list of DOS required documents. A Third-Party Barcode Page is created along with a case number. The Barcode Page is required for Packet 2 at the Embassy. The filing DOES NOT APPEAR in the DOS System until the file is received at DOS with payment. Packet 2: The Thailand NOS Application is filed with the Thai Embassy in DC, regardless if the J1 is in the US or is abroad. The Thai Instructions/process can be located here: https://washingtondc.thaiembassy.org/en/page/applying-a-j1-no-objection-statement Phase 2: Processing Packet 2 might be called packet 2 in the explanation, but it is the first that MUST BE PROCESSED. Thailand must not object, create the No Objection Statement, and send that statement to the DOS to merge into Packet 1. Once Packet 1 receives the Thai No Objection Statement, that is when the DOS begins processing the DS-3035. The DOS will either request documentation, deny, or issue a favorable recommendation. Phase 3: Finalizing/Recording in the Government System If DOS issues a Favorable Recommendation, the file (merge of packet 1 and packet 2) is then submitted to USCIS, USCIS issues an I-612 Receipt Notice, and then USCIS issues an I-612 Approval Notice. An I-612 Approval Notice is the full completion of the J1 Waiver Process. Part 5: Documents Our office provides the following recommendation of Documents: Register an online application with the Thai Embassy (Mandatory before beginning) Notarize all documents that the process requires notarized, as well as the (1) Without Lawsuit, (2) Information Disclosure, and (3) Notary Public Letter of Intent Legalization/Application Form Birth Certificates for the J1, any children, and spouse Translation of Foreign Birth/Marriage/Divorce Certificates, if not in English (recommend Military One Source or Montesino Translation ) Your Marriage Certificate, if married Your Divorce Certificate, if divorced Prior Spouse’s Death Certificate, if prior spouse died during marriage Any Foreign Passport Any US Visas Any US Passport Any US Driver’s License I-94 Lawful Entry Record ( Found on CBP Website ) ALL DS-2019 ever issued (for J1/J2) Job Offer Letter, if Waiving due to Employment Letter of Intention from the fiancée, if I-129F Case Acceptance letter from the school or evidence of enrollment , is Waiving due to Education I-140 petition receipt from USCIS, if EB-2 NIW Copies of diplomas and transcripts in Thailand and abroad (educational institution and date, month, year of graduation) proof of obligation to repay or return to work, if scholarship recipient or civil servant, and the appropriate certificate of the agency or organizations "no objection" to this waiver Part 6: Processing Times and When to Start The Thai Embassy Processes the NOS Application within 1-3 months. (aka packet 2) The DOS Processes the DS-3035 AFTER receiving the No Objection Statement within 2-5 months. (aka packet 1) USCIS processes and records the I-612 Waiver filing within 1-2 months. If you are interested in learning more about our law firm J1 Services, we welcome you to visit our website. 

An HSA or Health Savings Account is a widely discussed retirement vehicle that is mentioned online, on social media, and even on YouTube. From a tax perspective, the HSA is a phenomenal tax advantage account. Here is a list of the common tax benefits one might see: Tax-deductible contributions: What you contribute today to your HSA would be deducted from your taxable income, regardless of whether you have medical expenses in the given year or have itemized deductions. Tax-free earnings: Interest and earnings (e.g. dividends, capital returns on investments, and over stock growth) on the assets in your HSA account are tax-free . Tax-free withdrawals: Withdrawals from your HSA are tax-free, if you use them to pay for qualified medical expenses (QME) . Some financially savvy investors or retirement planners may also consider the ancillary account benefits, such as: Employer contributions: An Employer MAY contribute a portion or percentage to your HSA Account, and those contributions are excluded from the Employee's gross income. AKA: free tax-free money from an employer. Portability: HSAs are portable, meaning that they stay with you (the employee) if you change jobs or leave the workforce altogether. Rollover funds: Unspent funds in your HSA Account roll over from year to year. In summary, the HSA or Health Savings Account is a Triple tax advantage account. Emphasis on the Triple because: money is tax-free when it goes into the account, money is tax-free when it grows, and money is tax-free when it comes out. What is the Catch/the Limitations? Apart from the small "Contribution Limit" (2024: $4150 for single, $8300 for married, and an extra $1000 extra if over the age of 55), a special type of high-deductible health insurance is required and qualified medical expenses (QME) are required to withdraw the funds tax free. Now, to be frank, medical expenses are generally substantial the older someone gets. Medical bills have the ability to break retirement plans, prompt bankruptcy, and even force older individuals back into the workforce. Health Insurance and health insurance deductibles may not cover all of the needed medical expenses, and have the potential of putting a strain on most finances. What are some Qualifying Medical Expenses? Examples of eligible medical expenses (Source: “The Complete HSA Eligibility List,” HSA Store ) Ambulance services Bandages Blood-sugar tests Crutches Gynecologist services Hearing aids and batteries Hospital care Insulin Laboratory fees Medicines prescribed by a doctor Surgery Vaccinations X-rays Routine dental needs, such as: Dental Cleanings Dental Exams Dental X-rays Dental surgeries Dental veneers Orthodontics/Braces Crowns and bridges (for medical, not cosmetic, purposes) Dental plan copays Dental reconstruction Dental sealants Eye needs, such as: L aser/LASIK eye surger y E ye exams R adial keratotomy Prescription contact lenses and contact solution Eye drops (OTC) Optometrist services Prescription eyeglasses sunglasses Vision plan coinsurance Vision plan deductible How Much can an HSA Grow? Could it reach a quarter of a million or half a million? Yes, if you max out the contributions every year, don't use the account during the working life, invest in safe Stocks/ETFs, and diversify the investment, a 10% annual rate of return is possible year after year. The $1 added today might grow to $2 in 7 years, $4 in 14 years, and $8 in 21 years. For example, if a Family contributed $8000 for 1 year in 2024, and did nothing else for 21 years. If the HSA had a rate of return of 10%. The $8k could grow to $16k in 7 years (2031), $32k in 14 years (2038), and $64k in 21 years (2045). Another example, if the Family contributes $8k for 5 years straight, never spending the saved money, an HSA account could easily grow to $250k in 2-3 decades. It has mostly been Positive up to this Point, what are the Cons? This topic could also be worded as: What happens to an HSA After Death? Inheriting an HSA from a Spouse? Inheriting an HSA from a Parent? In short, the negative concern revolves around Taxes. Taxes, when it comes to Retirement Planning (specifically the Estate Planning for when you pass away). The IRS would NOT create a Wonderful Triple Tax Advantaged Account that would LAST FOREVER. Taxes will eventually be due!!! The Tax Concern arises in two ways: First, who the beneficiary might be affects taxes. Spousal Beneficiaries may inherit an HSA . . . FROM A DECEASED SPOUSE . . . and continue to receive the same tax benefits. Children or anyone besides the spouse of the deceased would inherit the HSA with INCOME TAX DUE in the year the HSA is received. To repeat, children would be burdened with the taxes owed on the HSA if a parent wills the HSA to them. The child's Tax bracket may jump up to a higher tax bracket for the year of inheritance. A $100k Inherited HSA may pose a $30k Tax bill, which is a reality that is often overlooked. Second, when the HSA is too large (how much is too much?) . $100K might be a safe savings amount. $300k is substantial, but also safe. Half a million and even 1 million might be too much. The most painful sight for a family might be inheriting $1,000,000 HSA from a Parent, to then see half of it being owed to the IRS. How do you get started? First, Contact an estate attorney to review your assets, liabilities, and overall retirement plan. The estate attorney can explain the process, assist with creating the trust or will, and explain asset transferring and your ultimate goals. An estate attorney can also have useful ideas, like starting an HSA. Second, start an HSA at your preferred Brokerage, like Fidelity, Schwab, etc. (Your local bank may also offer an HSA, but do compare the interest rates/rates of return, the risk in investing in the stock market may outweigh what a bank is offering). An HSA takes about 10 minutes to set up. Disclaimer: This Blog is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney-client relationship between you and the Blog/Web Site publisher. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

Estate Planning is more than just a Will or Trust. Planning can occur within 1 day, but some options may require implementation over the course of Years or Decades. This Article will tackle an often overlooked option: 529 Plan for Children or Grandchildren . Additionally, this article will ONLY cover NC 529 Plans, as every state may differ and this article is targeting for ONLY NC Residents. What is a 529 Plan? A 529 Plan is a tax-advantaged savings plan that helps parents and grandparents save for education expenses. The plan is "tax advantaged" because the contributions would be from Post-Taxed Income or Assets, but the following would be Tax Free: Growth of investments Withdrawals to pay for Qualified Educational Expenses Rollover of Excess (limitation explained below) into a Child or Grandchild Roth IRA after College What constitutes a Qualifying Educational Expense? The IRS definition can be seen here: https://www.irs.gov/credits-deductions/individuals/qualified-ed-expenses , BUT, this definition moreso covers the tax write off component as it related to education tax credit. A better list of what qualifies is created by the 529 Plan, like CFNC: Qualified expenses are amounts paid for tuition, fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution. Apart from College and Universities, K-12 Tuition can also be withdrawn, according to the state limitation. For instance, in NC, only $10,000 per year may be withdrawn for K–12 tuition. At College/University, Off-campus housing and rent are considered qualified expenses. If your child/grandchild decides to live off campus, you can use NC 529 funds to pay for rent, food, and utilities. Keep in mind, these expenses can’t exceed what it would cost to live in on-campus housing and on-campus meal plans . Retaining receipts for these expenses is crucial for record-keeping. A more thorough up-to-date explanation on qualifying expenses can be seen here on the CFNC Website: https://www.cfnc.org/news/529-qualified-expenses/ Let's Consider a 10-year Hypothetical Example: Weekly Contributions over the course of 10 years: The 529 Plan does not have to break the bank. Let's use simple numbers and $50 weekly contribution. $50 is easy to swing. Here are the facts: Child is currently 8, 10 years from now Child will be 18 $50 weekly income/weekly contribution is $2600 annually 529 Plan has a return/growth rate of 10% (again, easy numbers for example purposes) Over 10 years, $26000 is contributed. After 10 years, the above figures would have an estimated 529 Plan Balance of $41,437.30. That is a nice 18th Birthday Present. One Contribution Now, and see how it grows aver the course of 10 years: The 529 Plan can also be funded at one time. Let's use simple numbers to match the above scenario. Here are the facts: Child is currently 8, 10 years from now Child will be 18 One-time contribution of $26,000 529 Plan has a return/growth rate of 10% (again, easy numbers for example purposes) every year After 10 years, the above figures would have an estimated 529 Plan Balance of $61,306.64. That is a nice 18th Birthday Present. Let's Consider an 18-year Hypothetical Example: Since this is considering an estate planning option, let's consider a parent or grandparent had money sitting around at time of birth, and had the capability of setting and forgetting until college age. Child was born and $50k could be contributed: If $50k was contributed to a 529 Plan on day one of a child's birth, the investment returned 10% annually for the next 18 years, and the funds were never withdrawn or used for K-12 Tuition/Educational Expenses, the 529 Plan would have a Balance of: $252,723.51 . Child was born and $100k could be contributed: If $50k was contributed to a 529 Plan on day one of a child's birth, the investment returned 10% annually for the next 18 years, and the funds were never withdrawn or used for K-12 Tuition/Educational Expenses, the 529 Plan would have a Balance of: $ 505,447.03 . How can the money/the 529 Plan grow so much? Simple answer: Time and Compound Growth. The longer a dollar can be invested to earn the child money, the more money the dollar will earn. Why is a 529 Plan Important? Education will always be expensive. Not every profession requires a college degree. However, saving for college can start a child or grandchild off to an amazing start in life. Student loans are a debilitating burden to place an an 18-24 year old, and such loans stunt the child's financial growth and their own retirement planning. If you can teach children, from a young age, the importance of financial responsibility, the importance of saving and planning for retirement, you will leave behind a legacy far better than willing a house, or creating a trust. It would be a success if your children and grandchildren have even more wealth, more assets, more money than you have, when they reach your age. What are the restrictions/requirements for a 529 Plan to Roth IRA Rollovers? The primary purpose of a 529 Plan is for a parent or grandparent to save for a child's schooling or college. However, oversaving is a common concern. To help alleviate the concern, a Roth IRA Rollover option was created in 2022. The Limitations are as follows: Lifetime limit for rollovers is $35,000, which is about 5 years of contributions, based off of 2024's annual limit of $7000. The 529 plan must have been open for at least 15 years . Contributions made to the 529 plan in the last five years cannot be transferred . If the beneficiary child or grandchild contributes to an IRA in a given year (if working during college and contributing to the IRA at the same time), the rollover amount is reduced by that amount. The rollover must be direct, such as plan-to-plan or trustee-to-trustee. How do you get started? First, Contact an estate attorney to review your assets, liabilities, and overall retirement plan. The estate attorney can explain the process, assist with creating the trust or will, and explain asset transferring and your ultimate goals. An estate attorney can also have useful ideas, like starting a 529 Plan. Second, start a 529 Plan at CFNC or your preferred local bank in NC (if they offer the 529 Plan). However, based on returns on investment, CFNC is strongly recommended as the account usually invests in Vangard Funds. This option is very beneficial to set your children or grandchildren up for future financial success.

The Argentinian J1 No Objection Statement (NOS) Waiver Process is unique. Every Country has a different process, timeline, eligibility requirement, and documentation requirement. This post will specifically cover Argentina's process. For starters, there are unrestricted and restricted J1 Professionals. The Restricted Professionals are generally: J1 Teacher/Professor/Instructor J1 Specialist J1 Researcher J1 Physician J1 Intern/Trainee J1 Summer Camp Counselor J1 University Student (Undergraduate, Graduate, and Professional/Doctoral) Based on the 2023 Statistics, there are the following Argentinians that arrived to the US in 2023: Alien Physician - 7 Au Pair - 1,091 Camp Counselor - 265 Government Visitor - 14 Intern - 135 International Visitor - 84 Professor - 11 Research Scholar - 169 Short-Term Scholar - 148 Specialist - 22 Student College University - 250 Student Secondary - 61 Summer Travel/Work - 4,783 Teacher - 32 Trainee - 81 An estimated 7,153 J1 Visa Holders from Argentina for the year 2023. This explanation will be broken into parts to help better approach the topic of needing a j1 waiver. 

Estate Planning is more than just a Will or Trust. Planning can occur within 1 day, but some options may require implementation over the course of Years or Decades. This Article will tackle an often overlooked option: Custodial IRA for Children or Grandchildren . What is a Custodial IRA? A custodial IRA is a Roth/Post-Tax retirement account that an adult sets up and manages for a minor. The Child "Owns" the account, and the account can ONLY be funded with the Child's Earned Income. The custodian, usually a parent or grandparent, would be able to manage the account until the child turns 18 or 21, depending on the state's laws of when such accounts must be transferred to the child free and clear of the parent or grandparent. Apart from these Custodial Items, the IRA would act like a regular IRA. How can a Custodial IRA be used for Estate Planning Purposes? Leaving a Legacy is usually the main priority when a parent or grandparent is considering an estate plan. Another priority is helping the next generation to not struggle as much as the parent or grandparent struggled to build up their assets, their wealth, their estate. Small contributions when a child is a minor could have a lasting effect on the IRA's growth over the future decades, allowing the child to appreciate financial stability as well as see a first-hand example of the importance of saving, growing wealth, planning for retirement, and estate planning. Let's be honest, a child never ever thinks about retirement. They are not playing in the park, they stop and turn to mom and dad or to grandpa and grandma, and they ask: What should I do for my retirement? That doesn't happen. A 20 year old barely considers retirement. Sometimes, even a 30 year old does not see the need for retirement planning. Who does consider it? Someone who has worked a career, who has built wealth, who has planned for their own retirement, who is starting or revising their estate plan. A Parent or Grandparent thinks about retirement planning. What is an Earned Income? are children expected to work when they are a minor? YES! That is the catch of this IRA Option. The Contributions are technically coming from the paychecks of the minor. However, the child does not need to be working on their resume just yet. A common scenario is employing a minor child in a family business. A child between the ages of 5 to 18 can easily help with cleaning, taking out the trash, shredding paper, greeting clients, watering ornamental plants, and minor secretarial tasks. This employment can allow you to pay $50 or $100 a week. It would be a W-2 Employment, payroll would be documented every paycycle, and if ever needed by the IRS, there would be a substantial paper trail. Other common scenarios could be the seasonal jobs, such as: Dog Walking Dog Grooming Lifeguard Mowing Yards Babysitting It is important to note, the following DO NOT count as Earned Income: Gifts Investment income from items like stocks, CDs, and Real Estate Allowance from Household Chores Let's Consider a 10 year Hypothetical Example: The Custodial IRA does not have to break the bank. Let's use simple numbers and $50 weekly contribution. $50 is easy to swing. Here are the facts: Child is currently 8, 10 years from now Child will be 18 $50 weekly income/weekly contribution is $2600 annually IRA has a return/growth rate of 10% (again, easy numbers for example purposes) Over 10 years, $26000 is contributed. After 10 years, the above figures would have an estimated IRA Balance of $41,437.30. That is a nice 18th Birthday Present. NOW, assuming the child DOES NOT withdraw all or part of the money, what would happen if the following happened: $41,437.30 was left in the IRA until the child turned 58 (40 more years) $0 was added to the IRA for 40 years 10% grown/return happened year after year. The $26,000 that was added over the 10 year period (remember, it was just $50 a week) could be an estimated: $1,704,928.50 Yes, the IRA could be over one million dollars. All from just an executed plan (an estate plan) over the course of 10 years. Second Hypothetical Example: What if instead of $50 a week, it was the maximum annual limit (2024 limit is $7000). $7000 a years equals $583.33 weekly. Here are the facts: Child is currently 8, 10 years from now Child will be 18 IRA has a return/growth rate of 10% (again, easy numbers for example purposes) Over 10 years, $70,000 is contributed. The $70k that was added over the 10 years period could be an estimated: $111,561.97 NOW, assuming the child DOES NOT withdraw all or part of the money, what would happen if the following happened: $ 111,561.97 was left in the IRA until the child turned 58 (40 more years) $0 was added to the IRA for 40 years 10% grown/return happened year after year. The $70,000 that was added over the 10 year period could be an estimated: $4,590,192.47 The Child would likely hit millionaire status in the 40s, just from this one Custodial IRA. However, if this kind of savings is occuring, the child would likely become a millionaire in the 20s or 30s. How can the money/the Custodial IRA grow so much? Simple answer: Time and Compound Growth. The longer a dollar can be invested to earn the child money, the more money the dollar will earn. Why is a Custodial IRA Important? If you can teach children, from a young age, the importance of financial responsibility, the importance of saving and planning for retirement, you will leave behind a legacy far better than willing a house, or creating a trust. It would be a success if your children and grandchildren have even more wealth, more assets, more money than you have, when they reach your age. How do you get started? First,Contact an estate attorney to review your assets, liabilities, and overall retirement plan. The estate attorney can explain the process, assist with creating the trust or will, and explain asset transferring and your ultimate goals. An estate attorney can also have useful ideas, like starting a Custodial IRA. Second, start a custodial IRA at your preferred Brokerage, like Fidelity, Schwab, etc. It takes about 10 minutes to set up. This option is very beneficial to set your children or grandchildren up for future financial success. Disclaimer: This Blog is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney-client relationship between you and the Blog/Web Site publisher. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

This Blog post will cover what a US Citizen needs to know about the Immigration process for a Spouse or Fiance in Kuwait. Based on our law firm experience, Kuwait filing have an even mixture of the Spouse of Fiance being (1) Kuwait Citizen, (2) Philippine Citizen, or (3) a citizen of another country. With this in mind, we will try to cover the document requirements and process more broadly. Additionally, Numerous Active Duty Service Members and DOD Contractors appear to be stationed in Kuwait, at Camp Arifjan (AJ). Some common topics can be seen here: