ArticleSupreme Court Ruling Could Hike Taxes When Business Is Passed
Italy consistently ranks among the top destinations for U.S. retirees, thanks to its rich culture, world-class cuisine, and relaxed lifestyle. But for those with trusts in their estate plan, there are important legal and tax considerations to keep in mind. David Goldstein shared his insights with Kiplinger on the precautions U.S. citizens should take.
From the article:
“It’s advisable to consult with local counsel in Italy to determine whether the current structures are tax efficient from the Italian perspective, ask if any changes are advisable and review any additional trusts are recommended to improve global tax efficiency,” said David Goldstein, a partner at the New York City-based law firm Farrell Fritz. “This should be done before obtaining Italian tax residence; doing so afterward may be too late and limit the client’s planning and restructuring options.”
Additionally, like many European countries, Italy has forced heirship, and U.S. retirees should know that.
“This is in contrast with many U.S. states, where the law allows for testamentary freedom (aside from certain protections for surviving spouses),” Goldstein said. “Thus, it’s important that an American expat obtaining domicile in Italy consult with an Italian attorney during life to determine whether their current estate plan will work within the framework of Italian succession law and, if not, what changes may be needed to ensure their wishes are carried out after death.”
Read the full article here:
