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International Estate Planning

International laws used to be a concern for those corporations operating there but now, more and more people are living, investing and doing business outside of their home countries so understanding how those laws affect them, especially when it comes to estate planning, is very important.

Laws of other countries govern what happens to properties located there in the event of the death of the owner.  Busy entrepreneurs and investors may not consider what effect this may have on their families but by failing to plan for such an event can be very costly as well as have long term consequences for those left behind.

Family members who have to deal with different legal systems are often required to travel a great distance in order to claim their rightful inheritance.  Avoiding these unwanted consequences by having an estate plan in place that considers international issues is a must.

Different laws can have jurisdiction over the same property and beneficiaries of that property may have a liability for reporting and paying taxes to multiple countries.  When a US citizen has a property in a foreign country, they should be aware of property and succession laws.  A US citizen will most likely pay tax to the foreign country in addition to paying the US tax.  The country may have a tax treaty with the US and that tax can be reduced or eliminated but working with an attorney will ensure you have the knowledge and understanding needed to make the best decisions before it becomes a problem.