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.