Estate Planning for Multinational Families: Impact of OBBBA, Key Issues for Counsel

Many U.S. citizens and permanent residents have non-U.S. spouses or family members or property interests abroad; likewise, many non-U.S. citizens/non-U.S. residents have property interests or U.S. family members. Under current U.S. tax law and changes stemming from OBBBA, estate planning can create some specific complications for multinational families. Estate planning counsel and tax advisers must be prepared to assist these clients in navigating the complicated tax and wealth planning rules associated with cross-border interests.

U.S. tax rules for estate, gift, and generation-skipping transfer taxes may offer gift planning opportunities. In contrast, some rules for the income taxation of corporations and partnerships may impact how investments are structured. Also, holding business and investment assets through foreign corporations may subject U.S. shareholders to additional tax liability.

Estate planning for international families must consider which countries' laws govern the disposition of assets, as well as the income, estate, and gift tax treatment of specific transactions, including the interaction of multiple tax regimes.

Listen as our experienced panel guides attendees on how to plan the estates of clients with interests in foreign business entities, real estate, and financial accounts. The panel will cover the impact of the OBBBA, legal and tax considerations when planning for the disposition of each type of asset, and the implications of U.S. tax law.