Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Estate Planning Across Borders

Posted on Sat Mar 14, 2020, on Estate Planning

  Estate Planning Across Borders

As the world gets smaller, it is increasingly common for people to own assets in a variety of places, both within the United States and internationally. Whether your property is a generations-old family tract in an ancestral homeland, or a new vacation home in a tropical setting, owning assets outside the United States raises a number of estate planning questions. Ignore Estate Planning Across Borders and you may pay taxes or increase avoidable fees.

How to start Retirement Planning for Lawyers?

Who gets your property when you pass away? What taxes are due? And how should your estate plan in the U.S. be tailored to ensure that all your property – here and abroad – is transferred efficiently and effectively?

Making the right decisions requires knowledge and understanding of estate planning-related laws: state law, United States federal law, and the laws in effect where the overseas property is located. 

At the core level, state law determines the default rules for what happens to the bulk of your property.  – everything that is located in the state where you reside – when you pass away. Layered on top of this is federal law. For example, it lays the groundwork for the taxes you pay as a U.S. citizen or resident, stating that a citizen or resident is taxed on all assets he or she owns anywhere in the world.  Even outside the United States. Estate Planning Across Borders!

You need a Team for Retirement Planning for Lawyers.

When you only own property in the United States, an estate planning attorney can use his or her knowledge of state and federal law to establish trusts and other estate planning tools.  He or she can make the most of the law to benefit you and your loved ones. For instance, a Revocable Living Trust is a common estate planning tool for those who only own property in the United States.  This is because transferring property into a living trust avoids probate. Further, it has no adverse income tax consequences. However, the same may not be true after transferring non-U.S. assets into the trust. 

When you own assets located overseas, another layer of knowledge comes into play: knowledge of the laws in effect where that property is located. Those laws can have an immense impact on your estate plan. Retirement Planning for Lawyers.

For example, transferring Canadian property into your Revocable Living Trust might result in an unnecessarily high tax bill. If you’re aware of this, you might opt for another planning strategy and avoid the unnecessary expense.

Compare the Laws.

Or, inheritance laws in the other country might override your will or trust.  And dictate that certain family members inherit a share of the overseas property. Awareness of where you and your property stand in relation to local.  And national laws can have an enormous impact on how you choose to structure your estate plan, not to mention how you and your family prepare for the settlement of your estate.

Estate Planning Across Borders, Don’t Put it Off!

To ensure that your estate plan incorporates the best tools and techniques for all your property, wherever it may be located, you’ll want to work with an experienced estate law lawyer in Rolling Meadows, IL. He or she can work with a specialist in the country where your overseas assets are located.  Construct a plan that takes into consideration the unique interaction between both nations’ laws. Together, they can help you make sure you avoid any tax traps.  Understand the ins and outs of applicable inheritance laws, and reach your goals as efficiently as possible.

Thanks to Bott & Associates, Ltd. for their insight into Estate Planning Across Borders.

 

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Elizabeth Ray

Peter and his associates were a pleasure to work with. He explained the process clearly and provided assistance nearly instantaneously. Highly recommended for trusts-and-estates-related needs!

Klenk Law Logo
Stars

A.R.

Peter and his associates made things easy for us.

Klenk Law Logo
Stars

Anne W.

I saw four lawyers and was told by all of them; I should just forget contesting my mother's will. I knew what happened, but it is very hard to prove undue influence. I contacted the Law Offices of Peter L. Klenk & Associates. Attorney Amanda DiChello took my case. They were very honest and upfront about what would be involved trying to prove what I knew was true. Attorney DiChello may be young but she is extremely knowledgeable and skilled. She listened and understood what I conveyed to her. She knew exactly what information to use and crafted an outstanding interrogatory and many powerful depositions. Attorney DiChello understood the various emotional feelings this case created for my family and me; she was always there for us with a kind and encouraging word. We went to trial. The amount of work which she and her Paralegal did for the trial was incredible. They both knew my case inside and out! Attorney DiChello's powerful interrogative and thinking skills produced a positive outcome. Attorney DiChello did what other seasoned lawyers said was impossible!

Klenk Law Logo
Stars

Anna B.

Professional, cheerful, thorough and fast. Peter responded to my request for a consultation right away, and within just a few days my last will and living will were done. Rates are standard.

Klenk Law Logo
Stars

Michael Patete

Surprisingly easy

Let us put our expertise to work for you.

Free consultation within 24 hours.