Love has no borders which may help explain why it's not just the economy that's gone global. To hear estate and tax planners talk, cross-border marriages are skyrocketing—along with a host of international estate and tax-planning headaches.
If you have an international family (and we do now), then you know things can get complicated in a hurry. You are not alone. As the world becomes ever smaller, it logically follows that people of different nationalities will meet and tie the knot. That is when things can get, well knotty.
International marriage can trigger a taxation and estate planning headache.
In fact, an article in The Wall Street Journal reported the following: “All told, nearly five million Americans in 2010 were married to someone who was born in another country, twice as many as in 1960, according to the Minnesota Population Center. Other countries have had similar jumps.”
The article, titled “A Global Love Affair,” observed that these global affairs bridge the invisible lines on the globes between nations and unite loving couples from Russia, the U.S., France, Germany, Canada and places even more exotic – then tie the laws of those same countries into knots.
If you and a loved one are separated by a national barrier, be wary of the respective laws of each country and how they may conflict and potentially confound all of your planning. Unfortunately, there are almost as many sad legal stories as there are happy love stories.
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Reference: The Wall Street Journal (May 21, 2013) “A Global Love Affair”