Tampa International Estate Planning Attorney
Whether you live in Florida and know that you will be leaving assets to a relative in another country or you regularly travel outside the U.S. for work or pleasure and own property abroad, it is essential to work with an Tampa international estate planning attorney to ensure that you are prepared for tax issues and other financial matters. Anyone who is a foreign citizen but has property or beneficiaries in the U.S. will also need to consider issues pertaining to international estate planning. In general, international estate planning is most important for high net worth individuals, but international estate planning can also be necessary for anyone planning to leave relatively sizable assets to beneficiaries. Estate taxes can affect gifts and inheritances in the US and abroad, as can gift taxes in certain circumstances. Further, you will need to comply with other federal tax laws concerning foreign accounts and assets.
Who Needs to Consider International Estate Planning in Florida?
Generally speaking, several different types of people will need to consider international estate planning:
- S. citizens who have assets or beneficiaries outside the country (i.e., in a foreign country);
- Non-U.S. citizens who are living in the U.S. and may be domiciled in a U.S. state but have assets or beneficiaries outside the country (i.e., in a foreign country); and
- Foreign citizens living outside the U.S. who own property that is located in the U.S., such as real estate.
When Do You Need to Consider International Estate Planning?
Just because you have some property located in a foreign country, or a relative living outside the U.S., does not necessarily mean that you will need to consider international estate planning. Indeed, if the assets or property are very minimal, you may not need to grapple with issues of estate or gift taxes, but you should seek advice from an international estate planning attorney to ensure that your affairs are in order. In general, if you fall into one of the categories listed above, you will likely need to work with an international estate planning attorney to ensure that all legal issues have been handled concerning your property:
- You have a high net worth, or you own substantial assets;
- You want to transfer a significant amount of assets across international borders;
- You want to make plans to transfer your assets internationally—either assets within the U.S. to beneficiaries outside the U.S. or assets located outside the U.S. to beneficiaries within the U.S.—upon your death; or
- You recently inherited a substantial amount of property or wealth that will need to be transferred across international borders.
Under the Foreign Account Tax Compliance Act (FATCA), substantial assets usually mean at least $100,000 in tangible or intangible property, but you should seek assistance from an international estate planning lawyer even if the assets in question do not quite reach this amount. Beyond FATCA, your international estate planning attorney can also work with you to determine your domicile and the domicile of your beneficiaries, and what that information will mean for planning for gift taxes or estate taxes.
Contact a Tampa International Estate Planning Lawyer
Our international estate planning lawyers routinely assist clients with ties to Florida, and we can begin working with you today on international estate planning issues. Contact David Toback to seek advice about estate planning involving international assets.