Post-Residency Estate Planning
Let Our International Estate Planning Lawyers Help Protect Your Assets
You have been in the U.S. for several years and you have only just learned about the U.S. Estate Tax. Most people assume their opportunity for planning has passed. Nothing could be further from true. You may be a resident for U.S. income tax purposes without yet establishing domicile for U.S. estate tax purposes. Even a highly experienced domestic estate planning attorney could overlook this opportunity. Those who know about this opportunity have likely referred you to our firm to read this page. You still have the opportunity to prevent your entire estate from being subject to the U.S. estate tax.
The international estate planning attorneys at Castro & Co. can structure your entire estate in a manner that lawfully avoids exposure to the U.S. estate tax. We can assist you in structuring your estate to preserve your legacy and prevent your loved ones from being burdened by unexpected taxes.
Submit a confidential online inquiry now by clicking here to have one of our attorneys contact you, or give us a call directly at (833) 227-8761.
Foreign Law Considerations
If you have assets located in another country and are drafting your Last Will and Testament in the U.S. there are some unique considerations. You may be concerned that the country where the assets are located will not honor your written wishes because of “forced heirship” laws or other legal issues.
Many foreign countries have a forced heirship regime requiring a substantial portion of estate assets to be distributed to children regardless of the desires expressed by the decedent. This can even mean that children will take precedence over a surviving spouse. In some countries, a specific individual such as the eldest male son may be entitled to the lion’s share of the entire estate. This will often result in an unexpected and undesirable result for the decedent. Fortunately, the international estate planning lawyers at Castro & Co. have the knowledge and experience to resolve these issues.
International Estate Planning
Consider for a moment, a non-U.S. citizen, non-U.S. tax resident, and non-domiciliary of the U.S. In fact, this individual’s only connection to the U.S. is a couple of investments. This individual may incorrectly assume they have nothing to be concerned about with regard to the U.S. estate tax. They would be wrong. The U.S. estate tax applies to anyone in the world that has assets in the U.S. If you find yourself in such a position it would be wise to seek assistance from our international estate planning attorneys.
In fact, if you are not a U.S. citizen or U.S. domiciliary, your exposure increases because you will not be eligible to claim the $5.49M lifetime exemption. Your exemption as a non-U.S. citizen not domiciled in the U.S. is limited to only $60,000. This leaves your U.S. vacation home at risk. This leaves your U.S. investment portfolio at risk. The good news is that a simple restructuring of ownership can prevent the imposition of the U.S. estate tax.
If you have U.S. assets, you need to consult with one of our international estate planning attorneys in Washington DC, Miami, Dallas or Orlando today. Submit a confidential online inquiry by clicking here or contact us at (833) 227-8761.