It is becoming increasingly common for individuals to buy property abroad, but doing so can make estate planning far more complicated. If you own foreign property, you may be wondering how to bequeath it to your loved ones without leaving them with a massive tax bill. To discuss your options and get in-depth answers to all of your probate law questions, turn to The Law Office of Jacob Y. Garrett, LLC, in West Plains, MO. In the meantime, read on to learn more about distributing foreign assets in a will or trust.
One of the greatest issues you will face with foreign property during the probate process is taxation. It is common for both the United States and the country where the property is located to tax it when you transfer it from one individual to another. If you want your beneficiaries to avoid double taxation, talk to your attorney about various strategies you can implement to do so. For example, in some cases, establishing a trust can help you minimize estate taxes.
Another complication with foreign property is the need for multiple wills. To pass on property in some countries, you need to create a will in their particular jurisdiction. Having multiple wills only serves to complicate the probate process, though, and one will can effectively null and void the other under probate law.
Owning foreign property can be a great asset, but passing it on to your loved ones is incredibly complicated. If you want to minimize estate taxes and ensure your last wishes are carried out as you intend, turn to an experienced probate law attorney at The Law Office of Jacob Y. Garrett, LLC. Check out the firm online to learn more about the legal advice this local lawyer provides, or call (417) 255-2222 to schedule an initial consultation today.