St. Petersburg International Estate Planning Attorney
If you live in Florida and want to leave assets to relatives in another country, or if you travel outside of the country on a regular basis, it is important to work with a St. Petersburg international estate planning attorney who can make sure you are prepared for certain financial matters, such as tax issues.
It is also important to work with an attorney if you are a foreign citizen but you have beneficiaries or property in the United States. Generally speaking, international estate planning is usually reserved for individuals with a high net worth. Taxes can impact inheritances and gifts both in the U.S. and abroad. Furthermore, you will also have to consider federal tax laws about any foreign assets or accounts.
Who is International Estate Planning Right For?
There are many different types of people who should think about international estate planning. These include:
- Citizens who have beneficiaries or assets outside of the country,
- People who are living or domiciled in the United States but who are not citizens of the country but who have beneficiaries or assets in a foreign country, and
- Foreign citizens who do not live in the U.S. but who own property, such as real estate, that is located in the United States
When to Consider International Estate Planning
Even if you have a relative living outside of the United States, or you own property in another country, it does not automatically mean that international estate planning is right for you. If the property or assets are not substantial, you may not have to concern yourself with gift or estate taxes. Still, even in these situations, it is important to obtain advice from an international estate planning attorney. International estate planning is typically only necessary in the following situations:
- You own a significant amount of assets or a high net worth,
- You are transferring a substantial amount of assets across international borders,
- You want to transfer certain assets internationally in the event that you pass away, such as leaving assets to someone in the United States from outside of the country or you are in the U.S. and want to leave property to a foreign citizen in another country
- You recently inherited a significant amount of wealth or assets that you want to transfer internationally
The Foreign Account Tax Compliance Act (FATCA) defines substantial assets as a minimum of $100,000 in property. Even if your assets are below this amount, you should still speak to an attorney who can advise on gift and estate tax planning.
Call Our International Estate Planning Attorney in St. Petersburg for a Consultation
Estate planning always has the potential to become complex but when international matters are involved, it becomes even more complicated. David Toback is an international estate planning attorney who has the necessary experience to ensure that your legacy and your family is protected in the event that you pass away. Call us now at 813-252-7529 or chat with us online to schedule a consultation and to obtain the legal advice you need.