Tag: Estate Planning Lawyer

Inheritance tax

So many persons may happen to have estates across countries with families and loved ones elsewhere or in some situations where some get married to a foreigner or invest in foreign countries and all these could make estate planning quite challenging. However, synchronizing your international estates will require legal experts with vast knowledge, understanding and wealth of experience in such issues as estate succession and tax laws in the relevant countries that will affect the effectiveness of a will in the event of death. Difficulties In Estate Planning For Expatriates And Multinational Families In spite of the different estate tax laws in different states in America, however, these differences are barely noticeable because they all are founded on the same foundation in legal matters. But the contrary is the case across nations or internationally. While the Americans use the common law, the Europeans and Africans use the civil law. The common law is a legal system developed by judges through decisions of courts and similar tribunals (also called case law), as distinguished from legislative statutes or regulations promulgated by the executive branch. Whereas civil law is Roman law based on the Corpus Juris Civilis; it is the body of law dealing with the private relations between members of a community; it contrasts with common law. It contrasts with criminal law, military law and ecclesiastical law as well. Common Law Offers Significant Planning Pliability As regards estate planning, common law allows or gives an individual (the trustor) the freedom to decide who and who to receive what and what, he or she has the liberty to decide how his or her properties or estates should be distributed when he or she dies. Hence, a will is very vital as it determines how the estate of the decendent is to be distributed via the probate process. However, a trust can help avoid the probate process and the taxation of the estate likewise. Also based on common law, the estate is normally taxed before it is transferred to the beneficiary or named heir. Meanwhile, in a situation where there's no will, the estate becomes intestate and it is distributed based on the state laws. Civil Law Operates Based On Succession This is similar to the intestate laws followed in common law in the absence of a will when an individual dies. This implies that even while alive an individual cannot determine how his or her estate should be distributed in the event of his or her death. So, a will is almost of no use in civil law unlike in common law. Again, taxation of the estate takes place during distribution unlike in common law where the estates are taxed before distribution. That is, the heirs or beneficiaries of the estate are being taxed in civil law. Meanwhile, a trust is of no relevance when civil law is in operation. Citizenship and Residency An expatriate should have a good understanding of the laws and requirements concerning citizenship and residency in any country he lives and in which he possess properties. The estate plans of an expatriate will not only be altered by relocating to a new place with different laws, but also how long he or she intends to stay in the new location is another contributing factor and likewise how much of his riches he invests in the new location. International Transfer of Tax Credits The transfer tax for an expatriate is determined by the following factors; 1. The type of assets 2. The location of the assets 3. The accessiblity of tax credits in significant areas where there is an overlap of levied taxes 4. The relevance of an estate tax agreement or protocol between the US and the country of residence Usful techniques for international tax estate planning includes; Wills, Trusts, Life insurance, Gifting, personal investment companies, college savings etc. Estate Planning In The Case Of A Non-citizen People live, work and own properties overseas and happen to marry from their country of residence or a foreigner altogether. Sadly, the difficulties in taxation faced by American expatriates also occurs in a situation where they marry foreigners. In spite of having a permanent resident in the US, spouse who are foreigners do not enjoy the unlimited marital deduction on gifts and inheritance transferred to them by their spouse. Although they enjoy the 2019 $11.4 million lifetime exclusion.

Having a will and planning your estate is important. Here we are going to consider why. Before we delve into that, let’s look at what estate planning is. What is Estate Planning? Estate planning has a lot of definition. You see, if you understand the concept behind estate planning, you would be able to create […]

Probate and Guardianship

Probate and Guardianship

Probate guardianship is something many individuals will never have to consider. However, for those who are thinking of becoming a guardian or thinking about who they might designate as a guardian in their will, understanding how guardianship works can help them make better decisions. Probate guardianship takes place when a probate court chooses someone to […]

How soon must a probate be filed?

How soon must a probate be filed?

While everyone is mourning and finding out ways to bury a loved one who had recently passed away, isn’t there supposed to be someone else assigned to handle the deceased’s estate? I know this question is what many people would’ve asked at one point in time but the fact here is that loosing a loved […]

3 Ways to Keep your Estate Out of Probate

3 Ways to Keep your Estate Out of Probate

After your passing, your estate will have to undergo probate. The probate process is done for a few reasons. First off, it is carried out to determine the authenticity of your will. Secondly, it is done to administer your estate. In other words, this process if carried out to ensure that your estate is well […]

Definition of PROBATE

Definition of PROBATE

Meaning of Probate Probate is the legal process of proving and accepting in a court of law that a will is a valid public document which is the true last testament of the deceased. Probates prove the validity of the will of a deceased person before the will can be used to dispose the properties […]

How Much Does Probate Cost? Real Estate Fees and Other Expenses

How Much Does Probate Cost? Real Estate Fees and Other Expenses

Probate is a legal system which has been designed to regulate the passing of ownership rights of the assets in the estate of a deceased to his heirs and loved ones. Without the probate process, the assets remain owned by the deceased person and they won’t be accessible by his loved ones. This means the […]

How Do Probate Records Show?

What is probate? Probate is a legal system which has been designed to regulate the passing down ownership rights of the assets in the estate of a deceased loved one to his heirs and loved ones. Without the probate process, the assets remain owned by the deceased person and they won’t be accessible by his […]

Probate Court Forms

Probate Court Forms

What is probate? Probate is a legal system which has been designed to regulate the passing down of ownership rights of the assets in the estate of a deceased loved one to his heirs and loved ones. Without the probate process, the assets remain owned by the deceased person and they won’t be accessible by […]

General Duties of a Legal Assistant in Probate and Estate Planning

General Duties of a Legal Assistant in Probate and Estate Planning

What is probate? Probate is a legal process through which the probate court ascertains the validity of the will and last testament of the testator. The last will and testament of the testator contains specific instructions of the testator on how his assets should be distributed among his heirs. In a case whereby there is […]

7 Common Steps in Settling a Probate Estate

7 Common Steps in Settling a Probate Estate

Whether an estate or intestate estate, the process is the same except for a little twitching to suit a particular case Check for the will of the decedent This is the first step to begin the process of settling a probate estate. You may have to check for it among their important documents, from their […]