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Comment inheritor signed
hi attorney Andrew Bethel we've covered a wide range of topics on this channel Under the Umbrella of estate planning this in combination with our great viewers like you we've received some great questions in the comments on our videos we try to answer each one but also figure if one person is asking then it's likely someone else has the same question today we're going to tackle questions on whether you're beneficiaries can be non-us residents and the tax implications with that we'll also address what happens if someone with assets or documents in California dies outside of California but first please be sure to like the video subscribe and ring the bell to stay up to date also leave a comment below if you have any questions or have a topic you wish for us to cover but as always thank you very much for watching first up is a common question of what can be done about intended beneficiaries living abroad and not being citizens of or even permanent residents of the US are these people eligible to inherit property the answer is yes even if your intended beneficiary is in a different state or country they can still be a beneficiary of your estate or even under a transfer on death deed in fact we have conducted many trust administrations with beneficiaries located in Mexico and Canada going further we've even seen beneficiaries located in France the UK Ireland and more so non-us residents can be beneficiaries in general however what about actually owning real property well the great news is that there are no citizenship requirements to own land here in the U.S at that point the restrictions or considerations to keep in mind would be whatever The Inheritance laws are for where that beneficiary resides be it in another state here in the U.S or another country entirely by that I'm mostly referring to taxes so let's jump into that next jumping into what the tax implications are for non-us Resident beneficiaries there of course is no hard and fast rule here firstly we need to take into account the type of assets held in the trust or with beneficiaries specifically designated on them if taxes will be owed due to the type of assets like an annuity or an IRA for example then it may be easier to have a trust be the beneficiary the trust then pays the taxes rather than the individual beneficiary keeping in mind that the tax rate for the Trust might be higher than that of the individual this would allow for the truss to handle the taxes and the paperwork and then the beneficiary would then only have to worry about receiving the funds and Reporting The Inheritance on their taxes if their state or country has an inheritance tax the only other U.S tax to worry about is the estate tax which is a tax imposed on the decedent's estate itself only if its value reaches...
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