Individuals in Ohio and throughout the country may have some of their assets held outside of the United States. However, they should still be accounted for in a person’s overall estate plan. Generally speaking, it is a good idea to consider how an asset can be included in a plan before buying it. If a person does have a home, olive grove or other assets outside of the United States, it is critical that it be revealed to an estate planner.
An estate planner should be one of many advisors who can help create a plan that will meet his or her needs. Ideally, an attorney will also be part of this group, and that attorney should have expertise as it relates to how foreign assets are titled. It is also a good idea to obtain an attorney who understands the law in the country where the asset is located.
In some countries, trusts are not recognized, and that may have an impact from a tax perspective. This is partially because Americans are taxed at the time of their death on all assets held globally. Finally, it can be a good idea to create a will both in the United States and in foreign countries where assets are held. This may make probate a faster and easier process to complete.
The estate planning process is one that will ideally last for a person’s entire life. Furthermore, individuals might benefit from the help of an attorney and other advisors. This may ensure that a person understands the tax and other implications of using a will, trust or other estate plan document. It might also help a person better understand how foreign laws may impact an estate plan and how it may need to be structured.