America is known as the land of opportunity that has brought many people from abroad who make the country their home. Often, adult children leave their native lands to either go to school in the States or to find employment. Some of those individuals, who may be living in Arkansas, may have some issues when it comes to the estate planning efforts of their benefactors, who are usually their parents.
These international families are likely not aware of the challenges when leaving assets to family members who are in the United States. But when they plan their estates or revamp their existing estate plans, they may be able to thwart some of the issues that could arise. One of the major issues is having to pay income tax on inheritances.
Taxes will come for international heirs living in the United States, from all levels — local, state and federal. If an heir is living in a high-tax state, it may affect the ability of that heir to grow the wealth from what he or she has been left. In addition, he or she may be subject to gift taxes. There are ways, however, to mitigate the risks.
An Arkansas estate planning attorney may be able to offer advice in these types of circumstances. Taxpayers living in Arkansas who have overseas trusts may need answers to some complicated questions a lawyer may be able to answer. Members of international families living in the state may be aware of some of the complications that may arise out of estate planning but may need some guidance as to how to address them, which is a reason to get a lawyer’s advice.