Some Americans venture away from home when it comes to investments and put some of their funds into foreign markets. Arkansas residents who have foreign investments need to be aware that the right kind of estate planning can help them to protect those assets. Having experienced advisors weighing in on prospective investments is a step in the right direction before even considering foreign markets.
Foreign investment can also include the purchase of real estate. Some folks have the dream of retiring to a beach bungalow on a foreign shore somewhere. Ownership of real estate may look different in foreign countries, so it is best to get all the rules before signing on the dotted line. There are so many other issues that can come into play. For instance, if living in a foreign country, how does that country view estate planning documents?
When working with an attorney to draft an estate plan, it is crucial to be transparent about all assets, including any foreign holdings. Full disclosure of assets allows an attorney to do his or her part completely to ensure the client’s best interests are being met. In some cases, too, it may be a good idea to have more than one will if foreign investment is an issue since it may make the probate process easier.
An Arkansas attorney experienced in estate planning law would be able explain to clients with foreign investments what planning documents would be best suited to their lifestyles. There may be legal or tax implications with foreign investments and estate planning on which a lawyer can offer advice and guidance. It’s crucial that residents have all the necessary estate planning documents in order, especially when foreign laws may come into play.