5 Tips for the New United States Citizen with Estate Planning

new U.S. citizensEstate planning is a necessary step, but no one looks forward to it. If you are ready to protect your assets and your family, you must familiarize yourself with the United States estate planning laws. Also, you will need an attorney to help draft your estate documents, especially considering you could have assets in your home country or beneficiaries in another country that you need to provide for as well.

Tip 1: What are the Federal Laws?

Familiarize yourself with the federal estate laws and how they might affect your situation. As a United States citizen, your assets will now be taxed as a national of this country. Therefore, you could have a tax on your gross estate if that estate is higher than $50,000.

Tip 2: Review the Statutes of New York

In addition to considering the estate laws for federal government, you must also examine the estate taxes and statutes for New York. New York has estate taxes, and you may need to protect your assets with the use of a trust – especially if you have sizeable assets that could be subjected to estate tax.

Tip 3: Have an Attorney Help with Situs

Situs refers to where your property is located. For some types of property, it is easy to determine their location – like your family home. Other assets may not be easy to place, especially those in bank accounts overseas or assets that are in another country.

Tip 4: Create a Trust

While a will is the first step in creating an estate plan, you also need to create a trust. In the United States, citizens typically start with a will, but for foreigners that have recently become citizens, a trust could be a good idea.

Trusts help you avoid probate court and the administration of your estate through probate. Realize, however, that property held inside your trust could still be subjected to state and federal inheritance taxes – depending on how the trust is created.

Tip 5: Always Hire an Attorney

As a new citizen of the United States, you have a complex estate to deal with. Even if you do not have a large number of assets, you still need an attorney that can help bypass the complexities of beneficiaries and laws from outside of the United States territories.

An estate planning attorney can help you through these complexities, create an estate plan that handles international and domestic assets, and protect your wealth.

Hire an Estate Planning Attorney in Long Island Today

If you want to protect your assets, regardless of whether you were born here or became a citizen recently, contact an estate planning attorney in Long Island.

The Law Office of Andrew M. Lamkin, P.C. can assist you with your assets, will, and setting up a trust.

To get started, schedule a no-obligation consultation with one of our attorneys at 516-605-0625 or request your consultation online.

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