Need to get your client thinking about their residency and what it means for their legacy? Try this tip.
If your client’s an immigrant and wants to leave a legacy, make sure you, or her estate planner, checks the beneficiary’s local tax and inheritance rules before setting up a gift. If she has exposure to multiple tax regimes that interfere with her gifting plans, suggest she place that gift into trust, or give the funds to the intended beneficiaries while she’s alive. Both approaches will save her a lot of hassle.