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Do International Concerns Factor Into Your Estate Plan?

Column distributed by Hearst Connecticut Media Group.

Links to resources referenced:

  • IRS: Overview of the MAP process
    • https://www.irs.gov/businesses/overview-of-the-map-process#1
      • Related column excerpt:
        • “Next, you’ll need to assess estate taxes in each country; anticipate possible currency exchange and financial transfers; and coordinate with tax advisers to avoid double taxation -- defined by the IRS as taxation of the same income twice.”
  • IRS: Foreign Tax Credit – Special Issues
  • IRS: Tax treaties
    • https://www.irs.gov/individuals/international-taxpayers/tax-treaties
      • Related column excerpt:
        • “Tax treaties come into play. ‘The United States is a party to tax treaties designed to prevent double taxation of the same income by the United States and the treaty country,’ quoting the IRS webpage ‘Foreign Tax Credit -- Special issues.’ Also see the IRS webpage on tax treaties.”
  • Withers website
    • https://www.withersworldwide.com/en-gb/insight?tab=Featured  
      • Related column excerpt:
        • “To familiarize yourself on the topic, check out the Withers website, as well as resources provided by the International Bar Association, a not-for-profit corporation that offers estate planning guides for more than 40 countries.”  
  • International Bar Association: International Estate Planning Guides
    • https://www.ibanet.org/internationalestateplanningguides
      • Related column excerpt:
        • “To familiarize yourself on the topic, check out the Withers website, as well as resources provided by the International Bar Association, a not-for-profit corporation that offers estate planning guides for more than 40 countries.”