Estate planning for non-US citizens depends on the whether the person in question is a US domiciliary or not, regardless of the visa status. US domiciliaries’ estate has the same US estate tax exemption amount as US citizens (currently $11.2 million). Non-US domiciliaries’ estate, on the other hand, only has a US estate tax exemption amount of $60.000. A US
Read moreFor families with assets in several countries or non-US citizenships, comprehensive estate planning is essential to ensure that the planned transfer of all assets works well under the laws of the affected countries and the various components of the estate plan do not counteract each other. Regarding the laws of other countries, we partner with competent advisers in these other
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Married couples most often prefer to set up a “joint” estate plan. Even if they are represented jointly, each will still have his/her own will and other documents. It is perhaps a misconception that spouses’ estate plans should mirror each other. They absolutely don’t have to, and in many cases should not. Even in the case of a married couple, each
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Who are considered US persons for transfer tax purposes and why is this important? US persons for transfer tax purposes are: all US citizens, regardless of where they live; all other non-US citizens domiciled in the US. The estate of US domiciliaries has a tax exemption amount of $ 11.2 million. By contrast, the estate of non-US domiciliaries has a tax
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For families with assets in several countries or non-US citizenships, comprehensive estate planning is essential to ensure that the planned transfer of all assets works well under the laws of the affected countries and the various components of the estate plan do not counteract each other. Regarding the laws of other countries, we partner with competent advisers in these
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The rules of intestate succession in Virginia, Maryland and the District of Columbia
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Probate is the official process, supervised by the local district court, of winding down the estate of a deceased person and transferring the assets to the heirs and other beneficiaries. In most cases, ownership of the deceased’s assets does not pass automatically to the heirs upon death. One very important exception is joint ownership with right of survivorship, in which
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Diplomats in the United States are considered non-resident aliens. Many US laws do not apply to them. Some of their assets located in the United States, however, pass according to the local law. In certain cases it is advisable for married couples to hold real estate as tenants by the entirety. Thus, the surviving spouse becomes the sole owner by
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Becoming a US citizen can have significant positive estate tax consequences: There is no tax levied on assets that pass to a US-citizen spouse. The federal estate tax exemption of a US citizen is currently USD 11.2 million instead of a mere USD 60,000 for non-citizen decedents.
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International families often require careful and comprehensive tax and estate planning. What is the most tax-efficient way to hold assets such as brokerage accounts, businesses and real estate? What estate and inheritance taxes face the legatees of non-US citizens who have assets in the United States? After analyzing your situation we recommend tailored solutions.
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