There's a few reasons why, at least in my practice, trusts tend to be a prevalent vehicle for doing that. It has to do with u.Sstate tax laws for non residents. And by non residents, i mean people who haven't moved here with the intent to stay here permanently. That's good because all your world wide assets aren't subject to state ax here, only your us. Assets. Bad because you get taxed on everything over 60 thousand dollars in value when you die.
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International and Cross-Border Planning have been a major issues for high net worth clients for as long as there have been borders. It’s an enormous topic.
Jobs, new family situations and geopolitics often send people to different countries for different opportunities. All of this can have tax implications around an estate plan . . .
Add in the complications of new asset classes and confusion around citizenship, residence and tax obligations. There is a lot to consider- especially for U.S. citizens with connectivity abroad.
Here to help us think about that is BRENT NELSON . . .
Brent is a Partner at the RIMON LAW FIRM in Tuscon, AZ and represents a variety of cross-border clients.
