As featured on The Savvy Parent podcast, estate attorney Shannon P. McNulty shares her strategies to help internatinal families with their estate planning. Its important to clarify and confirm, if something happens to you, who will take care of your kids, your money, and the decision-making that goes with these two critical areas. International families will want to make ensure that their estate plans are in order as soon as possible.
Work with a Professional
An estate plan has elements that you can DIY, but if you’re an international family there are critcal matters that you need to consider. For example, you came to the U.S. as an immigrant, or are a naturalized citizen. You will need to understand the tax complications that can arise if you do not have a plan in place. It’s important to work with someone who specializes in this area of planning and law, and is familiar with the countries that you have connections with in order to map the best course of action.
Make Sure There’s a Plan for Guardianship
Who will care for your kids? This is one of the most critical decisions of an estate plan for parents. Establishing not only the legal guardian, but a temporary or stand-by guardian is the bare minimum that international families need to have in place. If a parent passes away or is incapacitated and there are no gaurdianship documents in place, the worst-case scenario can be dire. We strongly encourage you to get your estate plans in order to protect your children.