Avoid Paying Double Tax
Many countries have treaties with the U.S. to prevent such double taxation,Does your living trust control the disposition of your foreign assets? In many cases, no. U.S. law ends at the border, and other countries need not recognize the validity of wills or trusts executed by a U.S. citizen.
Generally, the law of the country where the property is physically located controls. Thus, the foreign country may well insist that the will is valid as to the real property in that country only if it meets the formal will requirements of that country this is true in Honduras. However, the Hague Convention, which has been signed by most European countries and Japan provides that a will is valid if it complies with the laws of the country in which it was executed. I advise most of my clients with foreign property to seek out local counsel for advice.
For those with larger estates, it may be a good idea to consult a specialist in international estate planning, as the issues can become quite complex, and may involve a detailed examination of the foreign country’s laws. Disclaimer: This report does not offer legal advice. It is intended for general public information ONLY. For a FREE Legal consultation contact: Ronald C. Solow – www.solowlaw.com .
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