Estate Planning for Multinational Families refers to the process of organizing and managing the distribution of an individual’s assets upon their death, specifically considering the complexities that arise from having connections in multiple countries.
This type of estate planning involves navigating various legal systems, tax implications, and inheritance laws that vary across jurisdictions. It requires careful consideration of factors such as double taxation agreements, residency status, and local laws that affect asset distribution.
For example, a family with members living in the United States and France may need to address U.S. estate taxes, French inheritance taxes, and the differing rules regarding wills and trusts in both countries. Effective estate planning for multinational families often involves the collaboration of legal and tax professionals from different jurisdictions to ensure compliance and to achieve the desired outcomes for asset transfer.
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