Goldstein On Gelt

Are you an American married to a non-U.S. citizen? If so, understanding the complexities of cross-border financial planning could save you and your heirs millions of dollars in estate tax (depending on how much money you have).  When it comes to financial planning for cross-border families, especially those with substantial assets, it’s crucial to plan ahead of time how the family wealth will be passed on. One of the first things to consider is your estate plan. Determine how you want your assets to be distributed in the event of your death, whether to your non-resident alien (NRA) spouse, your kids, or to charity. For American couples, leaving the entire estate to the second American spouse comes with no estate tax. However, if you’re married to a non-resident alien (a non-U.S. citizen), there are tax considerations to address during your lifetime and potential estate tax implications afterward. To mitigate these tax payments, gifting assets to your spouse up to the allowable limit during your life