Int'l Estate Planning/Foreign Owned Assets
Planning for Foreign-Owned Assets & International Estate Planning
With San Diego being so close to the international border, many of the families we work with also own property in Mexico and other foreign jurisdictions. Each country has its own laws, rules, and regulations related to inheritances, taxes, and residency. In situations like these, families must have a carefully coordinated estate plan that considers laws in the U.S. and the foreign country.
To ensure your wishes are fulfilled and to prevent potential disputes, it is important to understand how assets pass on death in all foreign jurisdictions. An attorney experienced in international estate planning can coordinate and collaborate with foreign experts to review the meaning of estate planning texts and take into account the laws of the other country.
For example, if a U.S. Will contains the phrase “all previous Wills are hereby revoked,” the U.S. will could invalidate the foreign will. If so, it would cause an expensive and time-consuming legal challenge in the foreign country.
Not considering these multi-jurisdictional estate planning implications can have serious long-term consequences including transferring assets to the wrong beneficiaries and paying excessive taxes. Luckily, many of these undesirable financial and emotional consequences can be prevented with the proper international estate planning strategies.
How Can the Estate Planning Lawyers at Legacy APC in San Diego Help With Foreign-Owned Property?
If you or your family members own property in a foreign country, you are likely already aware of the many recreational, social, and business benefits. However, without a coordinated estate plan, ensuring foreign property stays in the family for future generations can be difficult and result in many unknown complications and challenges.
At Legacy APC, we are here to help you identify an appropriate strategy for the disposition of both U.S. and foreign-owned assets at death.