Initial Estate Planning Considerations for Dual Residents
Understand the issues that dual resident clients are faced with during the estate planning process.
Once it is determined that the client is a dual resident, the next step is to understand that the legal systems in which the dual resident’s heirs reside and/or the assets are located may have restrictions, or control over asset disposition or trust recognition, that can cause even a basic estate plan and the achievement of its essential goals to become totally ineffective. A basic U.S. estate plan is generally centered around two estate planning documents: a last will and testament and a revocable trust. This white paper reviews these documents and the options within those documents and discusses how to determine governing law that governs the property involved.
Partner and chairman of the Taxation and Estate Planning Group of Connell Foley LLP (Resident in the Roseland, NJ office)
Practice is dedicated to sophisticated tax planning for individuals, businesses, estates and trusts, with a particular emphasis on national and multinational estate planning, as well as as-set protection planning
Lectures extensively and frequently publishes in legal and business journals on a variety of tax and estate planning issues, including those related to federal estate, gift and income tax issues, wealth preservation, trusts, and a multitude of other planning techniques
Admitted to practice in six states, the District of Columbia and United States Tax Court
Recognized for the past 10 years in “Best Lawyers in America” in the areas of trust and estates, trust and estates – litigation, and tax litigation and controversy
LL.M. degree in taxation; J.D. degree, New York University