What are the benefits of having an effective estate plan?  Maintain financial privacy after your death. Specify exactly who receives what from your estate. Prevent family conflict over division of your estate. If you have significant wealth, ensure the financial security of future generations in your family. Ensure that your children are provided for in the event of an untimely death. Reduce the impact of estate taxes on your asset.

If you’re a US citizen living abroad and haven’t filed your US taxes in years, you’re not alone. Many Americans overseas are surprised to learn they still have IRS obligations. The good news? You may be eligible for a penalty-free way to catch up.

This article outlines the key principles foreign individuals should know—such as tax residency rules, exemptions, and the progressive tax rates—along with a guide to calculating estate tax in Taiwan.