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Practice/Industry Group Overview
As the world becomes a more global community, the number of people who live or have family living in more than one country or who have international investments or businesses will continue to grow. Such individuals have unique concerns when providing for their families and protecting their commercial interests in the event of death or incapacity, and almost always require high-level advance planning.
The International Estate Planning team at Hunton & Williams LLP is well-equipped to provide the sophisticated multi-national planning its clients need. Keeping pace with a new, dynamic world, Hunton & Williams attorneys focus on each client's individual needs to develop a customized plan which generally addresses the following:
à International income and estate tax, including the creation of U.S. and non-U.S. entities and structures
à U.S. gift and generation-skipping transfer taxation
à Jurisdiction selection and conflicts of laws
à Specialized planning to anticipate future jurisdictional changes
à Protection and transfer of assets to local and foreign beneficiaries
A Balanced Geographic Perspective
One of the significant problems faced by people having family or assets in different countries is that of coordinating potentially conflicting laws. For example, a well-developed estate plan can minimize the possibility of double taxation which may occur when more than one country claims to be the "domicile state." An integrated, multi-jurisdictional plan is also essential to coordinate the interplay between local and foreign estate and inheritance laws so that property actually transfers to the intended beneficiaries. Accordingly, the plan should always have a balanced geographic perspective.
Extensive International Capability
Hunton & Williams has extensive international experience and capability. Operating through its own overseas offices, with multilingual skills and knowledge of tax treaties and other specialized conventions, our attorneys can provide a significant advantage to clients desiring international planning. Through experience gained by assisting clients in over 100 countries, the firm is able to effectively use its long standing relationships with foreign counsel and financial institutions throughout Europe, Latin America and the Far East to ensure that the client's proposed estate plan integrates all applicable jurisdictional considerations.
When holding assets in multiple countries, it is especially important to receive thoughtful counsel on the U.S. federal income tax system and on the taxing systems in foreign countries. Avoiding inefficient income tax structures is one of the primary goals of an international estate plan. Hunton & Williams' sophisticated cross-border tax expertise, added to its ability to analyze complicated ownership structures, has enabled clients to avoid costly mistakes.
Selecting the Right Entity
Selecting the right types of entities to use when developing an international estate plan is an essential part of accomplishing the client's goals. The task is made more complex, however, by the inherent differences in languages and legal systems. Commonly used entities in the United States such as trusts, limited liability companies, partnerships and corporations are not always recognized or treated uniformly throughout the world. Hunton & Williams bases its recommendation to use a particular type of entity (or combination thereof) on its knowledge of the jurisdictions involved. The firm's experience with both domestic and foreign entities enables it to counsel clients regarding the right choices based on their unique circumstances.
Flexibility in a Changing World
Once the estate plan is in place, the process is not over. Hunton & Williams can continue to work with its clients to review the plan periodically and determine if it continues to be appropriate, given the client's evolving needs and goals. A change in family or financial circumstances, the acquisition or divestiture of assets, the expansion or contraction of a business, and the passage of new laws are all events that may affect the plan and trigger the need for adjustments. For international clients, a periodic review of an existing estate plan is particularly important in order to keep pace with new laws enacted by the countries in which assets are being held or to respond to dramatically fluctuating political and economic conditions.
The Importance of Confidentiality
Hunton & Williams understands that planning of this nature is a very important and sensitive matter to those involved. The firm respects the confidential nature of its engagements and at all times seeks to protect and keep confidential client advice and information.
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