The international estate planning process is designed to protect property and assets that may be under different tax and succession laws of various countries. If you own property in multiple countries, or you are a non-U.S. citizen who has U.S. citizen beneficiaries, or you are a non-U.S. citizen who has investments in the U.S. or who has a U.S. citizen spouse, it is important to plan your estate to ensure it goes to the people you choose after you die. Otherwise, your family members may be left to pay taxes in several different countries, and they may have a difficult time receiving the assets of your estate.
International estate planning often involves:
- Retirement plans
- Life insurance policies
- Foreign tax treaties
- Survivorship accounts
- Will substitutes
The U.S. has tax treaties with several countries. Foreign tax credits will depend on whether the property is subjected to transfer or death taxes, whether it is included in the decedent’s gross estate, and whether it is located in a foreign country. By having an estate plan that takes into account taxation and succession rules of the particular countries where your property or assets are located, you can help ensure your family members won’t have to hassle with complicated issues after you pass away.
Call Our Longmont Estate Planning Attorneys Today at (720) 809-8310
Jorgensen, Brownell & Pepin, P.C. provides experienced assistance to clients facing international estate planning. While the process may seem confusing, we can help you understand the foreign laws regarding your assets and property, and draft an estate plan that will ensure your wishes are met. Our legal team can analyze the tax laws and succession rules governing your estate and walk you through the process.
Contact us today to schedule a consultation.