Ask the Attorney: Do You Need a Separate Plan for Foreign Assets?

So foreign assets definitely complicate things. One of the misunderstandings I often run across is a client thinks that they can be put in their trust as we’re doing their trust, just like domestic assets can. And the truth is, is they can’t because those foreign jurisdictions have different rules around the transfer of property and how it’s properly done.

So my advice to folks who have foreign assets, whether that’s bank accounts or real estate, is to consult an attorney or someone who does the type of things we do here in that foreign country to determine the best way to transfer those assets in that country. And then we can make a notation, although it isn’t legally binding in your plan domestically, to alert your trustee to that foreign plan and that foreign asset.

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Bridget Mackay

Bridget has been practicing law for over 25 years. After graduating from Santa Clara Law, she spent 10 years as a Deputy District attorney in both Solano and Sonoma Counties. After the birth of her daughter, her priorities changed, and she began a practice in estate planning and Medi-Cal benefits planning. This transition was a natural fit and all her skills of listening, compassion and fearless pursuit on behalf of her clients translated well to this area of law. She lives in Petaluma with her daughter and Australian Shepherd, Joey. Read More!

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