US Estate Planning Requirements for Expatriates and Nonresidents with assets located in the USA

 If you are a US expatriate living abroad, you are still subject to US estate tax on your assets no matter where they are located in the world.  Also, even if you are below the estate tax threshold, your US assets will be subject to probate unless proper planning is instituted. Your US assets may be bank accounts, real estate, stock accounts, etc. which are located somewhere in the USA.

For assets located outside the USA, it is best you do a will (or whatever procedure or document is appropriate) for those assets legal under the country of the assets location to make certain those assets will go to your designated heirs.  There are treaties with some countries that provide for honoring foreign wills, but still there are often problems and best to do a local will in the country where you live and where the assets are located.

If you are a nonresident but have assets located in the USA, you can also avoid expensive probate and possible estate taxes by planning in advance and make certain your property goes to the heirs you wish to receive them.

To avoid expensive and time consuming probate and possibly reduce US estate taxes you need to create US Wills, living trusts and other estate planning documents.  Our firm has assisted hundreds of expatriates and clients with their estate planning and are ready to help you. Email us at taxmeless.com or contacts us on whatsapp at 818-519-9219 (a us cel phone number).  We can then set up a personal consultation to help you plan for the disposition of your US assets.

Understanding the benefits of trusts for US expats and nonresidents with US assets from Fidelity

Understanding the benefits of trusts

✔ Control of your wealth

✔ Protection of your legacy

✔ Privacy and probate savings

They say death and taxes are inevitable. But that may not be completely true. If you die this year, your estate will avoid taxes as long as it is valued at less than $5,490,000—and up to $10,980,000 for a surviving spouse. So who needs a trust?

“Many people are surprised to learn that there are many benefits to having a trust other than potential tax savings,” says Andrew Hamil, head of Fidelity Personal Trust Company. “Though taxes are important, protection of your assets and assuring your family's well-being in the event of incapacity far outweigh the benefits of tax savings for most people.”  Read More

Need help with a US trust or Will to dispose of your US assets, contact ddnelson@gmail.com.  If you have assets located in the country you live in abroad, best to hire a local attorney to draw up the property documents to transfer those assets upon your demise.

Expats should include their pets in estate plan

A majority of American households today make pets a part of the family. More and more, people want to see pets provided for even after the passing of the human members of the family. In the past,

inadequacies with the law made this impossible. However, now almost every State allows for trusts to be established solely for the benefit of caring for a pet after its family has passed on. Paramount to the trust is not only providing the financial means to care for the pet but to also lay out the wishes of the pet’s owner to ensure the level of care the trust is intended to provide. That is why this trust not only provides for a trustee but also the role of an enforcer to make certain the owner’s wishes are being respected.

Make the effort to remember your pets when creating your estate planning – they may live longer than you!  Need help. Contact us at ddnelson@gmail.com or visit our website www.taxmeless.com 

5 Essential US Expatriate Estate Planning Steps

1. US Expatriates do need to plan for both their foreign assets and US assets in the event of their demise.  The US does look at your worldwide assets and if their values exceed approximately 5.45 million dollars you must file an estate tax return and may owe US estate taxes.

2. Also, if you give gifts of either foreign property or assets located in the US in excess of $14,000 per year per donee you must file a US gift tax return, though it is likely you may not owe any US gift taxes due to the lifetime exclusion mentioned above for estate and gift taxes.

3. In the US you may need a will, power of attorney and a trust to properly dispose of your assets locate there and void expensive and long probates. The trust in large estates may also reduce you estate taxes.

4. If you wish your children to live in the US, your US will can be used to appoint guardians for your children (while they are still minors) and guardians for their assets (this can also be done in the trust you establish).

5. Where your US estate plan documents will effectively pass on your assets located in other countries if subject to each countries laws and a local attorney in each country should be consulted to confirm whether the US documents will be honored or separate wills, etc. must be executed for each country to meet local requirements.

We can help you put together your US estate plan, and often prepare all necessary documents and assist you with coordinating your plan with counsel in your country of residence.  If you require assistance please email me at ddnelson@gmail.com

Heirs Can Be Left With Unpaid Tax Bills to IRS

If you inherit property from someone who owes taxes, you may be liable. Read more in the Forbes Article HERE  The problems are increased when the deceased benefactor has undisclose offshore accounts, etc.  Do your estate planning now, surface with the IRS and avoid this problem.  Email us at ddnelson@gmail.com

10 STEPS TO PAINLESS ESTATE PLANNING FOR EXPATS

Go to the following link for estate planning steps from CNN Money for expatriateshttp://money.cnn.com/2014/03/03/pf/estate-planning.moneymag/ .  If you need help from a US expat tax  Attorney  and CPA with over 32 years experience for your expat estate planning write ddnelson@gmail.com.

Estate Planning Tips For Expats from Motlley Fool

http://www.fool.com/investor-alert/1255/estate-planning-loopholes-dont-let-uncle-sam-inher/?iid=61836479&vsaid=7123&email=ddnelson%40gmail.com&dest_url=%2Finvestor-alert%2F1255%2Festate-planning-loopholes-dont-let-uncle-sam-inher%2F&src=eunlinsbr0860003

Why US Expats and Residents May want to give gifts or do Estate Planning Before Year End

It might be wise for everyone to consider making gifts before year end to their children or other loved ones and consider other estate planning strategies. Previously its was thought Congress might extend the currently generous annual gift tax exclusion and the lifetime estate and gift tax exemption which is until the end of 2012 over $5 million.  In 2013 the exclusion will go back to $1 million.

Nonresidents (not a US Citizen or permanent resident) only get a $60,000 exclusion with respect to estate taxes on their assets located in the US.

If Congress decides the funds are needed next year due to the "Fiscal Cliff" they may not extend the current exemptions and now is the time to act.  Read more in the following Forbes Article Will the Estate and Gift Tax Boomerang?

We can help you with revise or amend your living trust, wills, and successfully make last minute gifts to tax advantage of the current rules which may end 12/31/12. Email us at ddnelson@gmail.com. 

US Estate Planning For Expatriates Around the World

You cannot ignore estate planning if you wish your US and worldwide assets passing to the heirs you desire. You also need to take the necessary steps to keep the costs and taxes at a minimum.  If you are an expat, that means you have to put the necessary documents in place in the country in which you reside and in the USA.  That also means you must coordinate the laws of two countries.

The US imposes its estate and gift taxes on your no matter where you live in the world and no matter where your assets are located in the world.

The US side involves Wills, Trusts, Powers of Attorneys and Health Care Directives.  It may also involve a program of gifting in order to keep the taxes down.  If you do it right, you can save tens of thousands of dollars in probate fees,and often a lot more in estate taxes.  We have been doing estate planning for over 30 years.  Read more and download your estate planning questionnaire.  After you fill it out, send it to us and we can help you implement a plan that achieves your personal wishes.