Meeting the Challenges of Today’s Cross-Border Wealth and Business Succession Planning
From increased global mobility to international philanthropy, cross-border assets, and multiple residences and citizenships, advisors are navigating increasingly interconnected and complex terrain as they help clients plan for the succession of their wealth.
Suzanne Shier recently discussed her approach to international planning in this episode of “Future Focused: Sophisticated Estate Planning,” hosted by Michael Clear. Suzanne and fellow guest, Carolyn Reers of Wiggin and Dana, shared insights including:
- Why cross-border planning is relevant now
- How increased global mobility is fueling the need for more sophisticated planning
- Concerns around privacy and confidentiality for global families
- Complexities around international philanthropy
- How tax compliance across borders has grown more challenging in recent years
- Differences in inheritance rights across countries and legal systems
- Advising clients who are planning to leave the United States temporarily and/or permanently
- The importance of cultural competency and engaging the next generation in planning
For a deeper dive into this topic, pre-order Suzanne and Carolyn’s forthcoming book, The ABA Guide to International Estate Planning: Design, Administration, and Compliance.
Facing questions about your family’s cross-border wealth and business succession plan? Reach out to Suzanne Shier or another member of LP’s Trusts & Estates Group.