International Estate Planning Lawyers
Contact Us in McKinney
United States citizens and residents are subject to the gift and estate tax, even if their property is located outside the country. A non-resident alien property is subject to taxation if the property is located in the United States. Whenever property is transferred to a spouse who is not a citizen special rules might apply. Therefore, in the case of estate planning, citizenship does matter.
For help with these complex matters, call The Willingham Law Firm, PC at our Texas location:
- In McKinney, (214) 499-9647
Navigating Complex Estate Tax Issues
Estate tax regulations and laws in the United States take into account the world-wide assets of an U.S. citizen. For immigrants, this is an issue. When immigrants are successful businessmen or a part of a wealthy family in their foreign country, they may own significant assets outside the United States. All of this property is subject to the U.S. Federal Estate Taxes.
These taxes can take a large portion of your assets and leave less for your heirs and beneficiaries. While a trust or other estate plan may not be able to completely avoid paying taxes, having a document in place may help you or your beneficiaries avoid paying extraneous costs.
Creating an Estate Plan to Protect Your Assets
An attorney familiar with the law of the United States will be needed for an estate plan. Creating a solid and legally binding plan on how to protect family assets from the U.S. Federal Estate Tax laws is extremely important.
If you or your family member owns property outside the U.S., contact our McKinney international estate planning lawyers at The Willingham Law Firm, PC to schedule your initial consultation today.
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“Professional, knowledgeable, and efficient service.”- Tana Gleim