Financial Review: Double Trouble for Dual Nationals

Financial Review has published an article on estate planning for dual nationals, entitled “Double Trouble for Dual Nationals.” It begins as follows:

Politicians are not the only ones getting into trouble with dual nationality. If you have ties to both Australia and another country, lawyers warn you need to take great care with your will.

Otherwise, they say, more of your estate could be liable for death taxes and unintended beneficiaries could inherit your assets.

If you have assets in both countries, the first problem is that inheritance laws can differ overseas, with some imposing “forced heirship”.

“That’s when the law of the country says certain people must get a certain proportion of the estate,” says Robert Monahan, principal lawyer at HLB Estate Services (NSW).

“For example, in Ireland if you had a spouse but no children, the law stipulates the spouse has to inherit at least 50 per cent of the estate. If there are children, they must get one-third of the estate.”

It becomes a problem if this clashes with your wishes.

See full article by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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