If you’re planning to move overseas, it’s time for an estate plan review

Posted by Kim Chen on July 22nd, 2020

If you’re planning to move abroad, it’s important to understand the potential tax and estate planning implications. If you don’t, you could be hit with unpleasant surprises. For example, if you’re a U.S. citizen, U.S. taxes will apply even after you move to another country. So you may be subject to gift and estate taxes in your new country andin the U.S. One option for avoiding U.S. taxes is to relinquish your U.S. citizenship, but that obviously has downsides. Or, if you own real estate or other property in a foreign country, you may run up against unusual inheritance rules. In some countries, for example, your children have priority over your spouse, regardless of the terms of your will.