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Estate planning green card holder
Green Card holders in the United States need to bear something in mind when starting their new lives in the country. They will automatically be subjected to taxes on their estates outside of the country. Getting a Green Card essentially means that the person will still be a national citizen of their home country, they will just be granted the right to live and work in the United States. This will, more than likely, mean that the person will have some holdings outside of US soil, upon which they will be responsible to pay US taxes. This could double a burden, as the person could also be responsible for taxes on their estate by their native Government as well. When Estate planning, a Green Card holder should take all financial issues into consideration. United States citizens get a $2,000,000 exemption on their estate (as do Permanent Residents). But while the Permanent Residents are entitled to the full $2,000,000 estate tax exemption when it comes to US tax, they could still be liable to pay the US Government taxes on their assets outside of the country. Any earnings of income, housing or investments could all fall under this category, which could add up to a lot of tax money being paid out. One thing when estate planning, a Green Card holder from a certain country of origin, may find some relief when they pass away. If a Green Card holder still holds assets outside of the United States at the time of their death, the next of kin could be spared from having to pay taxes to two Governments. The United States is part of a treaty signed by Canada, Australia, Japan, South Africa and a host of European countries in order to avoid this scenario. The same asset should not be taxed by two separate bodies upon the death of the party. There may be some benefits for any non-resident alien as they may get some relief if they come from a country that is part of the treaty. When it comes to estate planning, a Green Card holder should not try and avoid the issue of taxes, even though it may get a little confusing at times. There are plans which can be followed in order to get affairs properly in order for Green Card holders, and the more planning which can be done, the better things will be in the long run. Dealing with issues of taxation is just one thing that will raise its head when seeking the Green Card for access to America. The card does not make you a Citizen of the country; it merely gives you the privilege of living and working there.

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Credit crunch
The term credit crunch is one that many have heard of over the years. For those that are unfamiliar with the term it is a term that refers to the requirements for people to acquire loans from banks have become more difficult to attain. It is also often is reflected by the increase in interest rates. People often make different investment choices at the time of a credit crunch, often choosing safer, less risky types of investments. Many times a credit crunch is caused by banks or other lenders suffering losses, due to their careless or inappropriate lending trends. These often result in the lenders themselves acquiring added debts, as the loans that they have previously given have gone bad. Banks often change the way they lend money. They base it on the value of a person’s collateral or other securities that they have in order as to try to insure that they will get the money back that they lend. Sometimes a bad economy will make it so the collateral the person has decreases in value, thus making it necessary for the banks and other lenders to reflect these changes. This is often when we as consumers see the raising of interest rates. Along with this it also brings along the increase in bankruptcies and foreclosures that are happening around us. Other lenders are sometimes brought to the point that they can no longer lend at all due to changes like these that occur. This is the type of situation that is being brought to light in America right now. With all the job losses and the slowing of the economy, many people are being forced to lose their homes as they can no longer find feasible ways of paying their mortgages. Canada as well is being affected in a similar way. It is a huge problem for the people themselves as well as the lenders, and it is reminder of the Depression era that was experienced many years ago. With a prolonged credit crunch, businesses are often forced into unforeseen situations that often affect the whole nation. The closing of big companies and small as well bring with it the increase in unemployment figures across the country. This in itself slows the economy as people are more wary of their spending habits, tending to be far more cautious. When people are not spending as much it tends to drive the prices of commodities upwards, making things far more difficult all around for everyone. This is why the governments are trying to put money back into the economy, in an effort to stimulate it back to a positive way of being.

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