The law and practice referred to in this article or webinar has been paraphrased or summarised. It might not be up-to-date with changes in the law and we do not guarantee the accuracy of any information provided at the time of reading. It should not be construed or relied upon as legal advice in relation to a specific set of circumstances.
Navigating the complexities of estate planning can be challenging, especially if there are multiple jurisdictions involved.
The ICB team at Stone King deals exclusively with international and cross-border legal matters. This specialised focus allows us to deliver high quality legal advice and effective practical solutions to suit your individual circumstances.
We would be delighted to help with your family’s wealth planning, to ensure its seamless transfer to the next generation.
Our work
- Specialist advice: We will prepare a comprehensive and bespoke cross-border report to address the intricate legal and tax requirements in the UK and US and confirm how these apply to you and your family. We will include our recommendations, which may include lifetime gifting and/or the creation or dissolution of trusts.
- Will drafting: Depending on your individual circumstances, we may prepare one will to cover your worldwide assets or multiple wills to deal with different jurisdictions. We will ensure that your wills are formally valid in each of the US states in which you own assets.
Collaboration: We regularly work with overseas advisors and would be happy to consult with your current advisors to ensure that any existing or future asset structures are compliant and tax efficient in both the UK and US.
Case study
Mark and Sarah, a married couple from San Diego, plan on relocating to the UK for a business opportunity. They own substantial assets including real estate in California and Florida, investments in New York – some of which are held in trust, and business property in Delaware and the UK.
We meet with the couple via video meeting and collect the necessary information. In our cross-border report, we provide an analysis of Mark and Sarah’s current domicile and how this might change once they move to the UK. We will examine the UK/US double taxation conventions on income tax, CGT and inheritance/estate tax.
We prepare wills to cover their worldwide assets. Mark and Sarah ask us to work together with their accountant and financial advisor, to ensure maximum tax efficiency following their move to the UK.
Other areas of UK/US work:
- Estate administration and probate services: Cross-border management of UK/US probate to ensure the smooth and timely administration of estates
- Capacity: Lasting Powers of Attorney, living wills and court of protection applications
- Family law: Cross-border divorce, prenuptial and post-nuptial agreements, taking children abroad
- Immigration: US citizens relocating to the UK, visas and settlement
- Private wealth disputes: will and legacy disputes, enforcement of UK court orders overseas and foreign orders in the UK
- Corporate and commercial: advice to overseas clients with business interests in the UK
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