Navigating the nuances of foreign estate planning rules can be complicated. If you have an international trust or estate plan, compliance and planning is critical.
It’s not uncommon to see families who live and work in several different countries. But the act of creating, implementing and facilitating a foreign trust or estate plan can prove a unique challenge. U.S. citizens with ties outside the country, or non-U.S. citizens impacted by trusts in the U.S., stand to face significant tax challenges regarding their trusts and estates.
From wills to trusts to life insurance and gifting strategies, the way you build your estate plan will inevitably impact the amount of wealth that is passed along to future generations.
Why Use an International Estate Planning Advisor
There are a variety of situations in which a foreign estate will need to be created. How this plan is drawn up (and its specifications) will directly influence the amount of tax impact in each relevant country upon distribution of property.
Having a foreign estate or trust plan created by qualified legal and tax professionals allows you to create something that not only fulfills your legacy, but also protects those you care about. International estate planners understand the myriad of opportunities in creating a foreign trust or estate as well as how to lessen the plan’s tax burden.
Clearly crafted estate plans should include:
- Citizenship/residency
- Location and character of investments
- Applicable tax treaties
- Available foreign tax credits
- Explanation of existing estate plan
- Tax compliance obligations and recommendations in both home and host countries involved
- Recommendation to current plan or proposed estate plan
These components, when tailored by a trusted international advisor, allow you to create a solid cross-border estate plan that holds up to foreign tax challenges and fulfills its goals.
Why Choose Eide Bailly
Our professionals have years of estate planning experience, both domestically and internationally. Our holistic approach involves tax professionals, financial advisors, business advisors, estate planners and more, all with the goal of helping you meet your estate planning needs.
Plus, our experienced international tax professionals can assist with a wide variety of international business services. We help you and your employees prepare for and stay in compliance with international tax rules and regulations when working abroad, so you can focus on growing your business and protecting what you’ve built.
Why Choose Eide Bailly?
- Experienced professionals who understand international tax rules and regulations
- Access to HLB International, a global network of CPA firms
- Chinese, Canadian and Latin American international tax desks with bilingual professionals
- Top 25 CPA firm
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Foreign trust and estate planning can be overwhelming without professional guidance.