Tampa International Estate Planning Attorney
Central Florida attracts people from all over the world. Many Tampa-area residents are either native citizens of a foreign country or have family members living abroad. This can present special legal challenges when it comes to Florida estate planning matters.
While these kinds of estate planning issues tend to affect high net-worth individuals the most, anyone who plans to leave assets to someone outside of the United States should take the time to seek out proper legal advice. Our Tampa international estate planning attorney can review your situation and advise you on the potential tax and legal pitfalls you need to avoid. Knudsen Law is a full-service Florida estate and probate firm that has assisted many international clients in preparing an estate plan that meets their needs while complying with all applicable federal and state laws.
Who Needs International Estate Planning in Florida?
International estate planning can benefit you if any of the following describe your situation:
- You are a United States citizen who has assets located in a foreign country.
- You are a non-citizen living in the United States or have beneficiaries, including a spouse, who are non-citizens.
- You are a non-citizen living outside of the United States but have assets, notably real estate, located in the United States.
In terms of what international estate planning can actually do if you meet any of these criteria, here are a few examples:
- Estate and Gift Taxation: The United States imposes federal gift and estate taxes on certain high net-worth individuals and estate. United States citizens are subject to this tax regardless of where their assets are located in the world. In some cases, non-citizens living in Florida may also be liable for such taxes.
- Inheritance Laws: The United States follows a common law system where individuals are largely free to dispose of their property as they wish via a will or trust. Foreign property and foreign beneficiaries, however, may be subject to different local inheritance laws, which need to be accounted for in an international estate plan.
- International Marriages: If you are a United States citizen married to a non-citizen spouse, or vice versa, you may need to take additional steps to secure the full estate and gift tax exclusion available to married couples. Typically, this involves setting up a qualified domestic trust, which enables the non-citizen spouse to claim the full marital deduction if the citizen spouse dies first.
Reach Out to Our Tampa International Estate Planning Attorneys
Even if you do not currently own substantial assets that would trigger federal estate or gift tax obligations, it is still important to work with a Tampa international estate planning attorney who can provide guidance, especially if you do have a spouse or any potential beneficiaries who do not live in the United States or hold American citizenship. So if you need advice on how to best provide for you and your family, wherever they may call home, contact Knudsen Law today at (727) 398-3600 to schedule a consultation.
