Our firm has a unique position to help you create a robust and effective international estate plan that will secure your family and protect your international assets.
Estate planning becomes more complicated if it involves assets or businesses in multiple countries. And even if you don’t have assets in foreign country, estate planning can be very confusing and even scary, if you have family members outside the US whom you want to designate as trustees, attorneys in fact, or guardians to your minor children.
You need a long-term and well-tailored plan that works for you and your loved ones to protect you and your family from the ramifications of not having one, or having one that fails.
If you have assets located outside the United States, it would be very difficult for your loved ones to locate them, especially if they are unaware of the existence of these assets. Generally, foreign governments are not obligated to report the lost properties of United States citizens.
This is how an estate plan can help you protect your assets, guarantee that these assets pass to those you loved with ease, and save your family from years of the court process and high costs of tracing and retrieving assets. Being prepared with an estate plan can spare you from the following risks as a foreign property investor:
- Payment of additional tax or penalties for non-compliance
- Additional tax reporting requirements
- High expenses and prolonged court processes due to conflicts of laws
- Inconvenience and high costs for your family who may have to travel to foreign countries to trace and recover your assets
- Your properties might go to someone you didn’t choose, according to foreign law
Instead of risking your family assets and business to any of these pitfalls, you need a well-designed plan that works for you and your family’s international assets.