Estate planning is sometimes considered to be morbid, but it’s really about taking control of the legacy you leave for the people you care about. By planning ahead, you can ensure that your family receives the benefits of your hard work in a way that protects their privacy, reduces their stress, and minimizes their tax liability. The best way to do this is to work closely with an international estate planning attorney.
International Estate Planning Involves Complex Variables
To be effective, estate plans need to be personalized to fit individual needs and goals. As a successful Mexican or Latin American investor, your estate plan is likely to be much more complex than that of a wealthy American citizen. Here are just a few examples of the many issues you might encounter:
- Trusts are often recommended as a way to reduce estate taxes. However, when you have an LLC owned by a trust, it can be easier to open a U.S. bank account or apply for a loan.
- If your assets include real estate, you need to ensure that transactions remain compliant with the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA).
- If you’re worried about personal privacy, you can take steps to avoid the problematic reporting provisions of FATCA and CRS.
You will also need to consider the citizenship status and future plans of all your heirs. If some of your children or grandchildren are U.S. citizens, some are green card holders, and others are non-residents, you may need to tailor your strategy to ensure that everyone is treated fairly.
If you’d like to learn more about the potential pitfalls of hiring an estate planning attorney with no international experience, we encourage you to request our valuable guide, 5 Ways Your International Estate Plan Can Be Pulverized by a Lawyer With No International Experience.
Contact Us to Create an Estate Plan That Will Protect Your Loved Ones
At MEG International Counsel, PC, our dually licensed international estate planning attorneys take the time to understand your goals and recommend strategies personalized to fit your unique needs. Once your initial documents have been created, our MEG Cares℠ program provides a convenient way to ensure your plan is updated each year and that you have unlimited access to our attorneys for telephone or email consultations to discuss any variables that could trigger changes or modifications to your estate planning strategy. Contact us to learn more.