Estate Planning When You Have Foreign Assets

Buying a home in Europe or South America may provide you with a place to stay while on vacation. It could also act as an investment that can make money today and in the future. However, before buying any type of property overseas, it is important to speak with an adviser to learn more about how it may impact your estate plan.

Some Countries Don’t Recognize Trusts

A trust administration lawyer in Las Vegas may help you determine how to structure the document to best meet the needs of your beneficiaries. However, this person may also be able to provide more insight about what to do about foreign assets held in countries that don’t recognize trusts. He or she may be able to reach out to legal counsel in those jurisdictions to help you create a way to meet your needs and the needs of your heirs.

You’re Taxed on All of Your Holdings Worldwide

It is important that you tell your attorney or estate planning professional about your overseas holdings. This is because the IRS will include them in any calculation of your estate’s total value. If overseas property could trigger an estate tax bill or other potential financial issues, you should plan for them as soon as possible. This may result in selling a home or car or gifting it to another person prior to your passing.

Have a Team of Advisers in All Countries Where You Have Property

It may be to your benefit to have a team of advisers in the countries where assets are held. They will likely be able to provide insight about how to shield them from taxation or the best way to probate those items. If necessary, they may be able to create wills or other documents tailored to estate planning laws in that nation.