Are you a U.S. citizen whose loved one recently pass away, leaving you assets that are located overseas? If so, you may be concerned about how you will access your inheritance and how it will be taxed. Read on to learn what you need to know about this process.
If your deceased loved one was not a U.S. citizen and did not live in the United States, you will not have to pay U.S. estate taxes on your inheritance. However, if your loved one was a U.S. citizen or was domiciled here, your inheritance will be subject to U.S. estate taxes, even though the property was or is located abroad.
This does not mean that you’re home free from taxes on the U.S. end. Income taxes are applicable from anything you gain coming from anywhere in the world. Inheritance is considered a form of income. Come April, you will need to account for this when you file your taxes.
The property you inherit will also be subject to taxes in the foreign country where it is located. The laws surrounding this vary by country. You should partner with a lawyer who specialized in international probate and inheritance to ensure you are following the law and paying all necessary taxes and fees.
Though all of this may seem overwhelming, it doesn’t have to be complicated. Partnering with the right attorney can make the process painless, so you can devote your time and energy to mourning your loved one and, in time, enjoying your inheritance.
At International Probate, we have been helping families and individuals like you navigate these issues since 2003. We offer assistance in multiple areas of probate and inheritance law. We also help clients create estate plans that mitigate estate taxes, and ensure that our clients are succeeded as they see fit.
To partner with our team of European lawyers who have the extensive knowledge necessary to guide American clients with interests in Germany, England, Switzerland, and Austria. To get started, contact us at info@grafpartner.com. Keep in mind that our offices in Germany operate in a time zone six hours later than U.S. Eastern Standard Time. When you reach out, we will get back in touch with you as soon as possible. We can’t wait to discuss your case!
International Probate by Graf Legal
Latest posts by International Probate by Graf Legal (see all)
- How to Access a Loved One’s Foreign Assets Upon Their Passing - December 8, 2019
