Cross-Border Planning

 

When we marry or move to another country or invest in an asset away from home, we rarely consider the overall tax status that we put ourselves in. Also, anytime as an expatriate, our lifestyle can change based on our children’s future; their best friends at school may not be of the same nationality. Our friends are from different cultures and backgrounds, and many of us have lived in other countries throughout our careers. Maybe we will go home, maybe not?

You should consider cross-border planning if any of these apply to your family background:

$

You have a spouse from a different country

$
Your children were born in other countries
$
You have assets in other countries
$
You are being relocated to a foreign country
$
You intend to retire in a foreign country

Key cross-border planning elements to consider:

Cross-border challenges can seriously impact and complicated your estate planning:

  1. Does my spouse’s nationality affect my current or future tax status?
  2. Will my children have to pay taxes? Can I gift now to remove some or all?
  3. What happens to my wealth if I pass away prematurely? How will my loved ones inherit if my assets are all over the globe?
  4. Who will look after my wealth for my children?

Estate Planning Made Easy and Seamless

While many wealth management firms offer estate planning services, you often need to bring in your own estate planning attorney or specialist, as well as a tax advisor. And if you don’t have or don’t know an estate or trust attorney, firms will typically refer you to someone they work with. This leaves you with the job of coordinating a team of experts, who may have competing interests, to work on your behalf.
Estate laws are complex and will differ from country to country. Most wealth management firms don’t have the resources or expertise to cover many countries. It is more likely that these firms will have the expertise with a handful of countries and will need to bring in another party to work with them.

Other Services

Estate Planning

Everyone has possessions they will leave behind when they die and should make provisions for how they want these to be distributed.

Wills

Without a Will, the Court of Probate makes decisions on your behalf –  the risk being your possessions will not be distributed as you would like.

Trusts

Your property passes immediately and directly to your named beneficiaries whenever needed with the right type of trust in place.

Power of Attorney

You choose who makes decisions, in keeping with your preferences, for the handling of your medical care, assets, and investments.

Guardianship

Ideally, guardians should be appointed in a Will and a Deed, giving them immediate access to take charge of the care of children.

Digital Wills

Manage the fate of your online presence and assets in one document without having to make arrangements with each site.

Set Up A Consultation

Reach out to the experts at Carey Suen today and begin putting plans in place to secure the future of your legacy.

Company Protection

The company should consider how it would financially replace its key person if this person were to die or become incapacitated.

UK Citizens

Special rules apply to the calculation of inheritance tax on the global assets of UK passport holders who live outside the UK.

We specialize in a diverse set of bespoke wealth management solutions meant to protect you and your assets from both the uncertainties and eventualities of life. Our services include:

  • Helping you stay in charge of what happens to your possession when you die.
  • Ensuring your beneficiaries (especially those most vulnerable) are taken care of.
  • Catering to the tax concerns of UK citizens who live abroad as well as those with international family ties or investments
  • Helping you secure your digital property in an increasingly digital world.
  • Providing advice and solutions for leader replacement in cases of retirement or death.
  • Ensuring someone is assigned to carry out your wishes in the event you are unable to do so.

All of our processes require an in-depth knowledge of the laws and taxes applicable locally and globally.

They also require the flexibility to create unique solutions that cater to the specific situations and scenarios our clients bring to us.