[WSBAPT] Foreign property and beneficiary
Margaret Delp
delp at whidbey.net
Thu Feb 16 13:29:36 PST 2017
Client is an American citizen and Washington is client's legal residence.
Client has a legally adopted adult son who is a citizen of Ecuador. Client
wants to give her estate in a testamentary trust to Ecuadorian son. Her
estate includes real estate located in US, financial assets in US, and real
estate located in Ecuador. Client's chosen Trustee lives in Washington.
This will not be a taxable estate (under $500,000).
What approach would you use? Create a revocable living trust, and work with
counsel in Ecuador to transfer title of Ecuador property into the RLT? I
have read about another approach -- to have a Will created in the other
country just for the property located there (and to coordinate so that the
foreign Will supplements and does not revoke the US Will). Are there
other planning options or considerations? Does anything change if son
becomes US Citizen? Is an attorney with specialized international law /
experience recommended?
Thanks for your thoughts.
--
Law Office of Margaret Delp
Mailing address:
PO Box 292
Langley, WA 98260
Physical Address:
2815 Howard Road, Second Floor
Langley, WA 98260
Telephone: 360-579-4530
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