Pre-Immigration Estate Planning

Pre-Immigration Estate Planning Attorneys

Protect Your Family with a Pre-Residency Unlimited Dynasty Trust

Foreign nationals with considerable assets in their estate should consider building a comprehensive estate plan before they relocate to the United States. If the only plans you have are applicable to your current country of residence or if you don’t have any at all, consult with an attorney from Castro & Co. to help you build a plan before your estate becomes exposed to the U.S. federal estate tax.

By working with our attorneys to establish a Pre-Residency Unlimited Dynasty Trust, which allows you to defer taxes on your estate. In turn, future generations of your family can have you to thank for financially protecting them with the assets made available to them in your trust. Castro & Co. can walk you through a full explanation of the benefits that creating this kind of trust can provide.

Speak with a pre-immigration estate planning attorney from Castro & Co. by reaching out to us online or calling (833) 227-8761 for assistance. 

How Does Residency Relate to Your Income & Estate Taxes?

When it comes to income and estate taxes, “residency” is a term that doesn’t really mean the same thing across the board. When you file your income taxes, your residency is determined by a “substantial presence test” that basically boils down to how many days you were physically present in the U.S.

While that definition of residency may seem like common sense, estate tax law treats it differently – beginning by referring to residency (as the concept of living in the U.S.) as “domicile.” Although ultimately a subjective matter, domicile relies on objective facts like your physical presence and economic relationship to the U.S. Because of its subjective nature, domicile is prone to planning with which Castro & Co. can assist.

The lynchpin for what people do in this situation is often where there assets are located. If they are to be transferred to the U.S., establishing a U.S. domiciliary that provides a $5.49 million lifetime estate tax exemption is a considerable financial move. If your wealth is beyond U.S. borders, we can help you plan your domicile to remain there and create an ownership asset overseas to avoid your direct ownership over your wealth, thus avoiding an unnecessary application of the U.S. estate tax.

  • ABC News
  • CBS News
  • U.S. News & World Report
  • The Wall Street Journal
  • International Bar Association
  • Bloomberg Business
  • SMSF Adviser
  • The Sydney Morning Herald
  • Tax Analysts

Why Should I Have Pre-Immigration Estate Planning?

If your current net worth is $25 million, establishing a U.S. domicile would mean all of it is subject to the U.S. federal estate tax, leaving your family with a considerably smaller portion. If you choose to establish a Pre-Residency Unlimited Dynasty Trust and fund it with $20 million, you would only enter the U.S. with an estate of $5 million. Because the estate tax doesn’t kick in until an individual’s estate is worth $11.2 million ($24.2 million if you’re married) or more, your estate would be protected from estate taxes.

Because this a complex legal process where, most individuals are not qualified to handle their own estate planning and need an attorney’s help. At Castro & Co., not only can we provide assistance, but we are qualified to do so for clients who need international estate plans that other attorneys can’t or won’t provide. Once you begin viewing the cost of establishing your estate plan as an investment for your family’s future, you’ll appreciate how important it is to have legal assistance from attorneys like ours at Castro & Co.

What If I’m Already a U.S. Resident?

Even if you’ve been a resident of the U.S. and subject to taxation for a while, it’s still possible to establish a Pre-Domicile Unlimited Dynasty Trust. Because residency and domicile are separate concepts (as previously explained), you may not have established domicile in the U.S. if you spent many more years of your life abroad.

If you’re thinking about pre-immigration estate planning of any kind, reach out to our attorneys for help. Contact Castro & Co. online to learn more about how we can assist you.

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