Estate Planning and Wills
Jan 5th 2008, 4:42 pm
#1
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Joined: Nov 2007
Posts: 6
Estate Planning and Wills
I have read and appreciate the entries on this topic but I was wondering if anyone can recommend a specific US attorney or estate planning group who can handle international situations.
Briefly, we are dual citizens with accounts and property still in the UK. Since we are resident in the US, the US is the main focus for estate planning. Still, we are having trouble finding a local US attorney who knows how to handle the foreign accounts. There are many questions unanswered such as: Will the UK bank accept a US death certificate should my heirs turn up there with one? Will the UK courts accept a US will describing the disposition of the property there? Will there be any UK inheritance tax due for non-residents? Can a living will in the US avoid probate in the UK? Etc, etc.
What I need is someone familiar with this - it is too important (and expensive!) for it not to be done correctly.
Thanks.
Briefly, we are dual citizens with accounts and property still in the UK. Since we are resident in the US, the US is the main focus for estate planning. Still, we are having trouble finding a local US attorney who knows how to handle the foreign accounts. There are many questions unanswered such as: Will the UK bank accept a US death certificate should my heirs turn up there with one? Will the UK courts accept a US will describing the disposition of the property there? Will there be any UK inheritance tax due for non-residents? Can a living will in the US avoid probate in the UK? Etc, etc.
What I need is someone familiar with this - it is too important (and expensive!) for it not to be done correctly.
Thanks.
Jan 5th 2008, 9:47 pm
#2
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Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Re: Estate Planning and Wills
I have read and appreciate the entries on this topic but I was wondering if anyone can recommend a specific US attorney or estate planning group who can handle international situations.
Briefly, we are dual citizens with accounts and property still in the UK. Since we are resident in the US, the US is the main focus for estate planning. Still, we are having trouble finding a local US attorney who knows how to handle the foreign accounts. There are many questions unanswered such as: Will the UK bank accept a US death certificate should my heirs turn up there with one? Will the UK courts accept a US will describing the disposition of the property there? Will there be any UK inheritance tax due for non-residents? Can a living will in the US avoid probate in the UK? Etc, etc.
What I need is someone familiar with this - it is too important (and expensive!) for it not to be done correctly.
Thanks.
Briefly, we are dual citizens with accounts and property still in the UK. Since we are resident in the US, the US is the main focus for estate planning. Still, we are having trouble finding a local US attorney who knows how to handle the foreign accounts. There are many questions unanswered such as: Will the UK bank accept a US death certificate should my heirs turn up there with one? Will the UK courts accept a US will describing the disposition of the property there? Will there be any UK inheritance tax due for non-residents? Can a living will in the US avoid probate in the UK? Etc, etc.
What I need is someone familiar with this - it is too important (and expensive!) for it not to be done correctly.
Thanks.
Jan 6th 2008, 12:30 am
#4
Just Joined
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Joined: Nov 2007
Posts: 6
Re: Estate Planning and Wills
Thanks.
I have emailed my old UK solicitor today, so we'll see what he has to say.
From what I read, if you want to minimize inheritance tax for your heirs and to make the whole procedure as easy as possible for them, then some tax planning is required.
For example, we still own a flat in the UK, it is nothing over there but with UK house prices being what they are and with the dollar being so low, it is worth quite a lot of dollars. If US inheritance tax becomes due on it, the heirs will have to have a distress sale to pay the tax, they would never have enough liquidity to be able to afford the that amount of tax. One way might be to have life insurance to cover the tax.
I'd like to have someone guide me through all that and the other questions. I imagine that companies like that must be out there! Someone may eventually read this post who has been through a fairly complicated situation like this before.
When all is said and done, we hope to live to a ripe old age and spend everything we have!
I have emailed my old UK solicitor today, so we'll see what he has to say.
From what I read, if you want to minimize inheritance tax for your heirs and to make the whole procedure as easy as possible for them, then some tax planning is required.
For example, we still own a flat in the UK, it is nothing over there but with UK house prices being what they are and with the dollar being so low, it is worth quite a lot of dollars. If US inheritance tax becomes due on it, the heirs will have to have a distress sale to pay the tax, they would never have enough liquidity to be able to afford the that amount of tax. One way might be to have life insurance to cover the tax.
I'd like to have someone guide me through all that and the other questions. I imagine that companies like that must be out there! Someone may eventually read this post who has been through a fairly complicated situation like this before.
When all is said and done, we hope to live to a ripe old age and spend everything we have!
Jan 6th 2008, 12:55 am
#5
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Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Re: Estate Planning and Wills
Thanks.
I have emailed my old UK solicitor today, so we'll see what he has to say.
From what I read, if you want to minimize inheritance tax for your heirs and to make the whole procedure as easy as possible for them, then some tax planning is required.
For example, we still own a flat in the UK, it is nothing over there but with UK house prices being what they are and with the dollar being so low, it is worth quite a lot of dollars. If US inheritance tax becomes due on it, the heirs will have to have a distress sale to pay the tax, they would never have enough liquidity to be able to afford the that amount of tax. One way might be to have life insurance to cover the tax.
I'd like to have someone guide me through all that and the other questions. I imagine that companies like that must be out there! Someone may eventually read this post who has been through a fairly complicated situation like this before.
When all is said and done, we hope to live to a ripe old age and spend everything we have!
I have emailed my old UK solicitor today, so we'll see what he has to say.
From what I read, if you want to minimize inheritance tax for your heirs and to make the whole procedure as easy as possible for them, then some tax planning is required.
For example, we still own a flat in the UK, it is nothing over there but with UK house prices being what they are and with the dollar being so low, it is worth quite a lot of dollars. If US inheritance tax becomes due on it, the heirs will have to have a distress sale to pay the tax, they would never have enough liquidity to be able to afford the that amount of tax. One way might be to have life insurance to cover the tax.
I'd like to have someone guide me through all that and the other questions. I imagine that companies like that must be out there! Someone may eventually read this post who has been through a fairly complicated situation like this before.
When all is said and done, we hope to live to a ripe old age and spend everything we have!
Jan 12th 2008, 5:06 pm
#6
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Joined: Nov 2007
Posts: 6
Re: Estate Planning and Wills
I have made some progress! I add this update for interested members following this thread.
The UK solicitor did not have any international experience and could not direct me to anyone who could help. Amazing! It seems that Brits are all over the world and UK solicitors must have clients going overseas all the time. You'd think they would have cottoned on to this good business potential - a way of holding on to past customers.
Anyway, I eventually found out the following:
· A US will would be admitted to probate in the UK, although there will be additional steps because the US will is a "foreign will".
· If you own property in the UK, it is probably a good idea to have a UK will but it must clearly state that it only applies to UK assets; otherwise things can get very complicated!
· On the subject of taxation, the UK would levy death duties as applicable. However, owing to the tax treaties between the US and UK, there would not be double taxation. Nevertheless, even though there would be a credit against US inheritance tax, if the US tax was very low or nil, then there is a risk of your estate paying more tax overall. The inheritance tax rates and exemption amounts need to be taken into account in the UK when deciding how much of your estate is going to be there.
· You can expatriate (eg back to the UK) but as a former US resident, you would have to survive for a certain period of time before being free of US inheritance tax liability.
It is easy to get bogged down in all this so it is worth reminding myself, all things being equal, to live life responsibly and to have the most fun. The goal is not to leave as much money as possible. If the estate pays a bit more tax, then so be it!!
The UK solicitor did not have any international experience and could not direct me to anyone who could help. Amazing! It seems that Brits are all over the world and UK solicitors must have clients going overseas all the time. You'd think they would have cottoned on to this good business potential - a way of holding on to past customers.
Anyway, I eventually found out the following:
· A US will would be admitted to probate in the UK, although there will be additional steps because the US will is a "foreign will".
· If you own property in the UK, it is probably a good idea to have a UK will but it must clearly state that it only applies to UK assets; otherwise things can get very complicated!
· On the subject of taxation, the UK would levy death duties as applicable. However, owing to the tax treaties between the US and UK, there would not be double taxation. Nevertheless, even though there would be a credit against US inheritance tax, if the US tax was very low or nil, then there is a risk of your estate paying more tax overall. The inheritance tax rates and exemption amounts need to be taken into account in the UK when deciding how much of your estate is going to be there.
· You can expatriate (eg back to the UK) but as a former US resident, you would have to survive for a certain period of time before being free of US inheritance tax liability.
It is easy to get bogged down in all this so it is worth reminding myself, all things being equal, to live life responsibly and to have the most fun. The goal is not to leave as much money as possible. If the estate pays a bit more tax, then so be it!!
Jan 12th 2008, 5:09 pm
#7
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Re: Estate Planning and Wills
By the way, I have learned one more thing: I misused the term "living will" in my earlier posts. I should have said "living trust" which is also known as a "revocable trust".
Jan 12th 2008, 5:12 pm
#8
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Joined: Jan 2005
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Posts: 23,181
Re: Estate Planning and Wills
I have made some progress! ............It is easy to get bogged down in all this so it is worth reminding myself, all things being equal, to live life responsibly and to have the most fun. The goal is not to leave as much money as possible. If the estate pays a bit more tax, then so be it!!
Jan 12th 2008, 6:16 pm
#9
Joined: Mar 2003
Posts: 68,280
Re: Estate Planning and Wills
I have separate wills in each country ....
Jan 12th 2008, 8:23 pm
#10
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Jan 12th 2008, 10:18 pm
#13
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Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Re: Estate Planning and Wills
I have made some progress! I add this update for interested members following this thread.
The UK solicitor did not have any international experience and could not direct me to anyone who could help. Amazing! It seems that Brits are all over the world and UK solicitors must have clients going overseas all the time. You'd think they would have cottoned on to this good business potential - a way of holding on to past customers.
The UK solicitor did not have any international experience and could not direct me to anyone who could help. Amazing! It seems that Brits are all over the world and UK solicitors must have clients going overseas all the time. You'd think they would have cottoned on to this good business potential - a way of holding on to past customers.
There are probably juristictional issues - a UK solicitor would be reticient to give advice on foreign juristictions because of liability issues, also they arent qualified.
Jan 12th 2008, 10:32 pm
#14
Account Closed
Joined: Mar 2004
Posts: 2
Re: Estate Planning and Wills
Simply, they would not know.
US law varies by State, you can get abook from the library, bit wobbly is Louisiana.
US law varies by State, you can get abook from the library, bit wobbly is Louisiana.
