WEBVTT
1
00:00:00.120 --> 00:00:12.800
Did you know that if you leave the United States and move to another country, whether permanently or temporarily, your asset protection and estate plan that you've put in place in the United States may not work?
2
00:00:17.660 --> 00:00:23.780
Hey, I'm Joe Siegel. I'm an asset protection and estate planning attorney in Florida, and we work with folks all the time who are leaving the country.
3
00:00:23.860 --> 00:00:35.040
We've seen this happening a lot more frequently over the past few years where people are leaving the United States. A lot of folks are finding that it's much cheaper to retire outside the United States.
4
00:00:35.100 --> 00:00:40.600
Their dollar goes a lot farther, and the healthcare is just as good in these other countries and a lot cheaper.
5
00:00:41.060 --> 00:00:51.850
So they're leaving the country to get a permanent residency visa in another country, or sometimes they're even getting a second passport and living in the other country primarily.
6
00:00:52.280 --> 00:01:00.220
Now, they're still leaving a little bit of assets in the United States, so they have an estate plan and asset protection plan that still works for those assets that are here.
7
00:01:00.540 --> 00:01:10.080
But let's imagine that they buy a house or they buy an apartment in another country. Uh, we have friends who have moved, and they have houses in multiple countries.
8
00:01:10.250 --> 00:01:29.800
Well, your will and your revocable living trust and your LLCs and your land trust and everything that we've set up for you here in the United States may not work in Uruguay or Spain or Ireland or Canada or wherever you may end up with your second passport or your permanent residency.
9
00:01:30.840 --> 00:01:43.160
So our first advice is whenever someone is getting ready to move to another country, they're getting ready to emigrate, E-M-I-G-R-A-T-E, emigrate out of the United States.
10
00:01:44.000 --> 00:01:59.060
We recommend, number one, they find a good financial advisor and attorney in that country to talk to and who will help you understand the rules of the road financially when you get there.
11
00:01:59.100 --> 00:02:13.760
For instance, in some countries, if you own property in a trust, when you die, it is treated totally differently than if you owned it in your name or maybe even if, if you owned it in a local company, uh, in that country or another type of entity.
12
00:02:14.240 --> 00:02:19.140
The taxation may be horrendously high when you die compared to the United States.
13
00:02:19.480 --> 00:02:33.170
So you're gonna definitely wanna have a, a, a lawyer, a financial advisor, a real estate or an estate agent in that country who understands the rules of the road there. And you're gonna wanna have a, a, a banker.
14
00:02:33.400 --> 00:02:38.540
You're gonna wanna open a bank account in that country with the currency of that country.
15
00:02:38.660 --> 00:02:55.920
So go ahead and buy the, the currency, whatever it is, euros, reals, uh, whatever, uh, pesos, Canadian dollars, whatever it happens to be for that country, and open a bank account there, because you're gonna have to be able to pay for things when you're there.
16
00:02:56.380 --> 00:03:08.180
Also, check your credit cards. Uh, certain countries and certain areas of the world, they may not take, you know, certain credit cards. They-- Some prefer Mastercard, some prefer Visa.
17
00:03:08.300 --> 00:03:13.340
Some will not take American Express at all. Discover, they may have never heard of it.
18
00:03:13.800 --> 00:03:30.780
So you don't wanna get to this other country thinking, "Yeah, I'll just be able to pull money out of my bank account at, you know, whatever bank you use here in the United States when I'm in Europe, and it'll just be really simple and easy, and I can just write checks over there, and I can pay like I would normally pay."
19
00:03:31.420 --> 00:03:38.180
That's not gonna be the case. You are in a different financial system in a different, in a different country, and so you'll need to get that set up.
20
00:03:38.240 --> 00:03:49.700
You'll need to talk to the lawyers and, and, and financial advisors and, uh, estate agent in the home country when you get there, uh, about how to title the proper- property correctly.
21
00:03:49.740 --> 00:04:07.540
And then you may have to do a will for that country that deals with your property there, and you're gonna wanna make sure that that will doesn't have any language in it that says, "I hereby revoke all other wills I've ever made," because you do that, you could be revoking the will in the United States.
22
00:04:07.580 --> 00:04:24.440
By the same token, if you have a will in your new, uh, expatriated country that you've moved to, you don't want to amend your will here in the United States and go, "I hereby revoke all other wills I've ever entered," because now you may have terminated that will over there.
23
00:04:24.520 --> 00:04:36.340
So you're gonna have to be very careful with your planning to do this. Now, what some of our clients do sometimes is they will set up an offshore trust, and we don't do those. Uh, I'll tell you that right now. We don't.
24
00:04:36.500 --> 00:04:44.880
Uh, there are much better lawyers who do offshore trusts, uh, in, in all over the social media out there that you can find.
25
00:04:45.620 --> 00:04:56.980
But they can set up an offshore trust, and then that trust will maybe own a, an entity in your new country, and it'll hold the bank accounts.
26
00:04:57.060 --> 00:05:13.020
It'll, uh- And then that entity will hold the bank accounts and own the real estate in that other country. That offshore trust can also tie in with your United States estate plan and, and asset protection plan strategy.
27
00:05:13.180 --> 00:05:18.140
So some people, if you find that you are ending up in multiple countries,
28
00:05:19.120 --> 00:05:30.580
uh, where you're gonna be living or you're gonna have m- multiple passports in, in, in other countries, multiple permanent residency visas in other countries, you would probably want to seriously consider doing an offshore trust,
29
00:05:31.520 --> 00:05:36.420
uh, and then having entities in each of those countries that are then owned by the offshore trust.
30
00:05:36.620 --> 00:05:50.380
Or you set up the offshore trust, have one, uh, entity, one LLC, maybe in Nevis or somewhere else, and then that LLC then owns all of your other LLCs also in the United States. So then everything is handled there.
31
00:05:50.700 --> 00:06:00.830
So just something to think about. We get a lot more questions about these. And if you like this, please follow, subscribe and comment down below and let us know what you think.
32
00:06:01.590 --> 00:06:11.160
Thanks for listening to this edition of Trust This. If you got something out of it, please press like and subscribe and give us a five-star review to help us reach others who can benefit from this series.
33
00:06:11.200 --> 00:06:14.180
Until next time, keep aspiring to a better life
1
00:00:00.120 --> 00:00:12.800
Did you know that if you leave the United States and move to another country, whether permanently or temporarily, your asset protection and estate plan that you've put in place in the United States may not work?
2
00:00:17.660 --> 00:00:23.780
Hey, I'm Joe Siegel. I'm an asset protection and estate planning attorney in Florida, and we work with folks all the time who are leaving the country.
3
00:00:23.860 --> 00:00:35.040
We've seen this happening a lot more frequently over the past few years where people are leaving the United States. A lot of folks are finding that it's much cheaper to retire outside the United States.
4
00:00:35.100 --> 00:00:40.600
Their dollar goes a lot farther, and the healthcare is just as good in these other countries and a lot cheaper.
5
00:00:41.060 --> 00:00:51.850
So they're leaving the country to get a permanent residency visa in another country, or sometimes they're even getting a second passport and living in the other country primarily.
6
00:00:52.280 --> 00:01:00.220
Now, they're still leaving a little bit of assets in the United States, so they have an estate plan and asset protection plan that still works for those assets that are here.
7
00:01:00.540 --> 00:01:10.080
But let's imagine that they buy a house or they buy an apartment in another country. Uh, we have friends who have moved, and they have houses in multiple countries.
8
00:01:10.250 --> 00:01:29.800
Well, your will and your revocable living trust and your LLCs and your land trust and everything that we've set up for you here in the United States may not work in Uruguay or Spain or Ireland or Canada or wherever you may end up with your second passport or your permanent residency.
9
00:01:30.840 --> 00:01:43.160
So our first advice is whenever someone is getting ready to move to another country, they're getting ready to emigrate, E-M-I-G-R-A-T-E, emigrate out of the United States.
10
00:01:44.000 --> 00:01:59.060
We recommend, number one, they find a good financial advisor and attorney in that country to talk to and who will help you understand the rules of the road financially when you get there.
11
00:01:59.100 --> 00:02:13.760
For instance, in some countries, if you own property in a trust, when you die, it is treated totally differently than if you owned it in your name or maybe even if, if you owned it in a local company, uh, in that country or another type of entity.
12
00:02:14.240 --> 00:02:19.140
The taxation may be horrendously high when you die compared to the United States.
13
00:02:19.480 --> 00:02:33.170
So you're gonna definitely wanna have a, a, a lawyer, a financial advisor, a real estate or an estate agent in that country who understands the rules of the road there. And you're gonna wanna have a, a, a banker.
14
00:02:33.400 --> 00:02:38.540
You're gonna wanna open a bank account in that country with the currency of that country.
15
00:02:38.660 --> 00:02:55.920
So go ahead and buy the, the currency, whatever it is, euros, reals, uh, whatever, uh, pesos, Canadian dollars, whatever it happens to be for that country, and open a bank account there, because you're gonna have to be able to pay for things when you're there.
16
00:02:56.380 --> 00:03:08.180
Also, check your credit cards. Uh, certain countries and certain areas of the world, they may not take, you know, certain credit cards. They-- Some prefer Mastercard, some prefer Visa.
17
00:03:08.300 --> 00:03:13.340
Some will not take American Express at all. Discover, they may have never heard of it.
18
00:03:13.800 --> 00:03:30.780
So you don't wanna get to this other country thinking, "Yeah, I'll just be able to pull money out of my bank account at, you know, whatever bank you use here in the United States when I'm in Europe, and it'll just be really simple and easy, and I can just write checks over there, and I can pay like I would normally pay."
19
00:03:31.420 --> 00:03:38.180
That's not gonna be the case. You are in a different financial system in a different, in a different country, and so you'll need to get that set up.
20
00:03:38.240 --> 00:03:49.700
You'll need to talk to the lawyers and, and, and financial advisors and, uh, estate agent in the home country when you get there, uh, about how to title the proper- property correctly.
21
00:03:49.740 --> 00:04:07.540
And then you may have to do a will for that country that deals with your property there, and you're gonna wanna make sure that that will doesn't have any language in it that says, "I hereby revoke all other wills I've ever made," because you do that, you could be revoking the will in the United States.
22
00:04:07.580 --> 00:04:24.440
By the same token, if you have a will in your new, uh, expatriated country that you've moved to, you don't want to amend your will here in the United States and go, "I hereby revoke all other wills I've ever entered," because now you may have terminated that will over there.
23
00:04:24.520 --> 00:04:36.340
So you're gonna have to be very careful with your planning to do this. Now, what some of our clients do sometimes is they will set up an offshore trust, and we don't do those. Uh, I'll tell you that right now. We don't.
24
00:04:36.500 --> 00:04:44.880
Uh, there are much better lawyers who do offshore trusts, uh, in, in all over the social media out there that you can find.
25
00:04:45.620 --> 00:04:56.980
But they can set up an offshore trust, and then that trust will maybe own a, an entity in your new country, and it'll hold the bank accounts.
26
00:04:57.060 --> 00:05:13.020
It'll, uh- And then that entity will hold the bank accounts and own the real estate in that other country. That offshore trust can also tie in with your United States estate plan and, and asset protection plan strategy.
27
00:05:13.180 --> 00:05:18.140
So some people, if you find that you are ending up in multiple countries,
28
00:05:19.120 --> 00:05:30.580
uh, where you're gonna be living or you're gonna have m- multiple passports in, in, in other countries, multiple permanent residency visas in other countries, you would probably want to seriously consider doing an offshore trust,
29
00:05:31.520 --> 00:05:36.420
uh, and then having entities in each of those countries that are then owned by the offshore trust.
30
00:05:36.620 --> 00:05:50.380
Or you set up the offshore trust, have one, uh, entity, one LLC, maybe in Nevis or somewhere else, and then that LLC then owns all of your other LLCs also in the United States. So then everything is handled there.
31
00:05:50.700 --> 00:06:00.830
So just something to think about. We get a lot more questions about these. And if you like this, please follow, subscribe and comment down below and let us know what you think.
32
00:06:01.590 --> 00:06:11.160
Thanks for listening to this edition of Trust This. If you got something out of it, please press like and subscribe and give us a five-star review to help us reach others who can benefit from this series.
33
00:06:11.200 --> 00:06:14.180
Until next time, keep aspiring to a better life
