From naming an executor to distributing assets among beneficiaries, there may be a number of issues you are dealing with regarding estate planning. If you or one of your loved ones have a green card, you may be wondering how your residency status could affect certain estate-related matters, such as the estate tax. Whether you reside in Jamaica, New York, or anywhere in the U.S., it is important to consider any possible factors that could affect your estate.
According to the Internal Revenue Service, resident aliens are usually subjected to the same rules as U.S. citizens when it comes to filing estate taxes . If you have a green card, you will be required to pay estate taxes in the U.S. on your worldwide assets. As a result, it is vital to make sure that you understand how estate taxes work in the United States and plan accordingly.
While estate taxes and other aspects of estate planning can be stressful for green card holders, these matters can also seem complicated for those born in the U.S. Unfortunately, the consequences of failing to properly plan ahead can create a number of hurdles later on. In addition to potentially devastating emotional pain, your family members may experience financial challenges or be unable to gain access to your assets. By taking the right steps, you can help make things easier for your family.
You should remember that this post is provided for general informational purposes and you should not interpret it as a substitute for legal guidance.