Do you have assets in foreign countries?
Are you or your spouse from another country?
Do you have a relative in another country moving to the U.S., buying U.S. property, or making a gift to someone in the U.S.?
Are you a green card holder thinking about moving back your home country?
If you answer “yes” to any of these questions, you may want to consider the significant challenges that state and federal legal and tax rules could present. Without a strategy in place, one may face being hit with hefty taxes or complications, which could be minimized with proper estate planning.
Preparation – often even prior to you or your family members obtaining permanent resident status or physically arriving in the United States – can be critical. Upon arrival, it is important that families complete their estate plans, including wills, powers of attorney and health care directives.
This recent Puget Sound Business Journal article (subscription is required) provides specific examples of ways that global families can better navigate the complexities of international estate planning.