Articles Tagged with queens estate planning

Today, moving across the world is far more common than it used to be. More college-age students leave their home countries to pursue educational experiences abroad, and many often remain in the country in which they choose to study. Others leave their home country for a job opportunity or to start a new family of their own. Whatever the reason for leaving, many residents of the United States born in other countries that still have strong, close familial ties in those foreign countries may be at risk of losing portions of the inheritance their family members in other countries may wish to give them.

Tax Consequences

Not every country has a version of the estate tax, though the United States estate tax is not the highest estate taxing country out there according to Tax Foundation. As a result, residents of many other countries may not have to contend with an estate tax in planning to distribute their estate. Leaving an inheritance to their children outright is likely commonplace and causes little disruption to the inheritance process in many places. However, when a citizen of a foreign country wants to leave an inheritance to their child that may be a U.S. citizen, there can be estate tax complications. With the United States estate tax rate of 40 percent, this can have a significant impact on a U.S. child’s foreign inheritance.

Comprehensive estate plans often include precautionary measures that ensure your assets are protected and distributed according to your wishes. Many times, many of your assets will be distributed to your spouse. However, it is important to think ahead for every possible scenario when engaging in comprehensive estate planning to prevent any unnecessary interruptions in the distribution of your assets once you have passed on. Some or all of the provisions discussed below could be a good fit for your estate plan and protecting your assets.

Simultaneous-Death Clauses

One scenario you may need to consider when engaging in responsible, comprehensive estate planning is one in which you and your primary beneficiary die at the same time or in a manner where it isn’t possible to determine who died first. Popular among married couples that often plan to leave a large part or all of their estate to their spouse, this type of clause allows you to appoint an individual who will be named as the first to die in situations where authorities are unable to determine who died first.

No one likes discussing their own demise. The topic is generally considered taboo amongst most people and is possibly the most uncomfortable conversation topic. This is unfortunate for everyone though, because if a person is unable to discuss their own death, chances are they are unwilling to plan for it either. That is one of the worst cases possible for not just for the person who fails to plan but their family members and people who rely on them as well. Discussing death is the first step to engaging people to plan their estate and while it is a difficult topic to broach, there are certain steps that a person can take to help bring people closer to planning their estate.

  1. Do Not Put Estate Planning In Terms of Death

People looking to engage others about estate planning should not discuss death, rather they should focus on planning for incapacity. A good estate plan does not just encompass what happens when a person dies. It will also discuss plans for what happens when a person becomes incapacitated such as if they are in an accident and unable to communicate and are unconscious.

Contact Information