International Estate Plans

Some foreign countries recognize wills executed in other countries, and others have specific requirements about how wills must be prepared and executed in order to be valid. Further, foreign countries vary with respect to how property is transferred upon death. For example, in Oregon, if a parcel of real property is owned by two spouses, upon the death of one spouse, the property will generally automatically transfer to the surviving spouse. This may not be the case in other jurisdictions. An attorney can help recognize the actual implications and help you structure your assets so that all of your property, no matter where located, passes in accordance with your intended plan.

When an estate involves international holdings, a multitude of tax issues may arise. For example, if a client's asset pool includes equity holdings in foreign companies, it may be difficult to determine the exact value of those assets, as there are different public reporting standards overseas. Another special consideration is the estate tax. If multiple countries are involved, the estate tax laws of each jurisdiction need to be considered individually.

In order to protect assets from double taxation or other costly consequences, attorneys can structure assets in a way to lower the estate’s tax liability.