Expat Estate Planning
The expat lifestyle as a certain allure and mystique. Entertainment media serves up a stereotype image of wealthy Americans living the good life in far away places. The physical and emotional disconnect with the U.S. that expats find enjoyable also triggers huge problems for Expat Estate Planning.
There seems to be a growing number of people who find the expat lifestyle irresistible. Small town’s like this one in Greece can be quiet havens that offer peaceful living. The troubling detail that lurks beneath the pastoral comforts of such out of the way places is that estate planning is not only still important for expats, it is more critical than ever.
Estate Planning Hazards For Expats
“Out of sight out of mind” causes problems when Expats ignore or neglect their estate planning.
- For U.S. Citizens, estate taxes apply to world wide assets, wherever situated and however owned.
- When Expats own real property or financial accounts in the U.S., without proper planning it will result in probate and other legal entanglements in every jurisdiction where such property are situated.
- With aging and multi-national health care issues, implementing broadly recognized medical directives and appointing medical decision makers is more important for expats, not less important.
- Children or other heirs who may not share the same expat impulse will face increased cost and hassle as they deal with cross boarder multi-jurisdiction property succession issues.
- Expats need to plan for property succession in every jurisdiction where they have assets and every jurisdiction where their heirs or beneficiaries are domiciled.
- When there are no children or natural heirs, multi-national charitable planning also becomes more attractive, and can create present tax incentives for future gifts.
Expat Estate Planning Solutions
Living offshore makes such planning tools as a jurisdiction independent trust a vital means of mitigating expat estate planning blunders. The expat connection also creates planning opportunities. “Dynasty” estate planning is all the more attractive and available. Estate planning for expats is a blend of both onshore and offshore planning, and requires use of both kinds of tools.
One of the best parts of our practice in helping expats with their estate planning is meeting some of the very best people all around the world. Thank you for the opportunity to serve.