3 Implications for Estate Planning When Living or Working Overseas
If you are thinking of living or working overseas, then you need to take a look at your estate planning before you depart. There are complications that normally do not occur with people who are United States citizens. Therefore, make sure to contact your estate planning attorney to make sure that you are covered should you die overseas.
Review Your Estate Plan
You will want to make sure that all your paperwork is in order before you live in a foreign country. In particular, take a look at your beneficiaries and make sure that your estate administrator is aware of your plans. You also need to take a look at what the other country’s rules say about your estate and taxes if you die on their soil.
Understand Domicile and Residency
Your domicile is the country that you consider home. Generally, people can only have one domicile. Alternatively, you can have residences in many different countries. Your residences are temporary as long as you intend to return to your homeland. Both your domicile and your residencies can have important tax implications when it comes to estate planning.
Think About Foreign Estate Disposition Laws
Generally, you can leave your estate to whomever you desire in the United States. That is often not the case in many other countries. Many countries have forced heirship that requires that your property go to your wife and children. In countries with forced heirship, it is easier for liabilities to be passed on to family members who are benefiting from the estate. Forced heirship laws exist in many different countries including Japan, France, Spain, Italy and Saudi Arabia. Other countries have still different laws. For example, in Thailand, your spouse is seventh in line while in Indonesia, your spouse cannot receive more than one-third of your estate if you have children.
Talking to an estate planning lawyer in Las Vegas can help eliminate many hassles in planning your estate. Take time out of your busy schedule to do it today.