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(Domestic & International)
Most people start well and plan from a very young age for success by attending school and college, saving, working hard, starting businesses, gaining employment or whatever they pursue to achieve their goals. As people increase their wealth and obtain success, most people don’t end well because they have overlooked to plan to protect their hard-earned wealth by failing to plan for incapacities, death, taxes, family dynamics, business succession planning, lawsuits, or any other threat to you and your family’s well-being.
All your hard work during your lifetime to obtain wealth could be for naught if you don’t plan. This is true for your personal or business assets. Many people don’t realize that incapacity or long-term care issues due to health complications is one of the biggest threats to our well-being. These health issues can last several years, which can be devastating to one’s finances and well-being. Further, a court may oversee your financial and health decisions for the rest of your life through a guardianship. Even after your death, a court may still oversee how your assets, if any after high fees, are distributed upon your death. These guardianship and probate procedures through court are costly and time consuming, and can be avoided with the proper use of power of attorney documents, wills, and trusts. These documents can further assist individuals who may be facing adverse tax consequences due to estate (death) taxes.
Planning to transfer the management and ownership of a successful business takes years to properly plan and execute. Many successful business owners assume that a family member will take over the family business. This is not always the case. Other considerations such as tax implications (income, gift, transfer and estate taxes), need to be carefully considered to minimize any tax exposure. Your business assets need to be carefully considered in conjunction with your personal assets in order to achieve the best results.
Take control of your own planning and don’t leave your estate planning decisions to the courts or others. Contact our office today to schedule an appointment with attorney John Park to discuss a comprehensive personal or business estate plan for you.
International Estate Planning for Nonresident Aliens
If you are a Nonresident Alien or not a citizen of the United States and you own assets in the United States, you may have adverse tax consequences during your lifetime (gift tax) and after your death (estate tax). Many Nonresident Aliens have extensive real property holdings in the United States, because of the favorable investment opportunities offered. However, many Nonresident Aliens do not realize the adverse tax consequences that could wipe out their investments, along with guardianship and probate issues.
If you are a Nonresident Alien and are planning on making considerable investments in the United States through real property purchases, seek advice immediately. Attorney John Park can properly advise you on how to properly structure your purchase before you buy so that there are minimal or no gift and estate taxes during your lifetime and after your death and to also avoid a guardianship and probate related to your U.S. assets.
Contact our office today to schedule an appointment with attorney John Park to discuss your international estate planning needs and questions.