Do You Need a U.S. Estate Plan If You Move Out of the Country?

If you move outside the United States, you may still need an estate plan that is legally effective here. The reasons why turn on complicated IRS and state tax rules. When people move internationally, sometimes they leave property or obligations behind. U.S. property could include: Bank accounts Real estate Debts Items in a storage unit Family members Child support requirements U.S. stocks and bonds Retirement accounts and life insurance The IRS taxes people who are U.S. citizens whether they live in the United States or not. It also taxes people who have property located in the United States or who work here and take advantage of its laws. If you spend any amount of time in the U.S. during a year, you will need to pay taxes on your income. Even if you move outside the U.S. and do not return, you may still have some ties here that will lead to taxes. These taxes could include estate taxes if you pass away while you own property here and are still domiciled here. In particular,…

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