Estate Planning for Multinationals
About the Guest(s):
Paula M. Jones has been practicing law for almost 25 years. After a decade at large international law firms, she opened her own practice in 2016.
LinkedIn - Paula M Jones, Esq
Her domestic estate work includes wills, trusts, powers of attorney, living wills and beneficiary designations. She employs marital, residuary, disclaimer, dynasty, asset protection, grantor-retained annuity and intentionally defective grantor trusts, as well as family corporations to protect and preserve assets for many generations. She represents trustees and beneficiaries of trusts in trust-related matters. Her Orphans’ Court practice includes trust reformations, trust mergers and divisions, terminations, accountings and audits. She represents parties in negotiations to avoid fiduciary litigation.
Her work with international clients includes efficient planning in regard to U.S. estate and gift taxation, qualified domestic trusts, residency determinations, tax treaty applications, pre-immigration planning for non-resident aliens coming to the United States, expatriation tax planning for residents and citizens leaving the United States, administration of estates of foreign individuals with U.S. property and other related matters. She has represented many individuals in regard to foreign account and asset compliance issues.
Paula is currently an adjunct professor at Western New England University School of Law where she teaches International Estate Planning. She has guest lectured at Columbia University, Temple University School of Law’s Masters of Laws Program and Rutgers University School of Law. She lectures frequently for organizations such as the American Immigration Lawyers Association, Society for Human Resource Management and the American Bar Association, as well as local estate planning councils.
Paula has authored several articles in respected industry journals such as Trusts and Estates, AICPA’s Tax Advisor and the ABA’s Practical Tax Lawyer. In addition, she developed a workshop on estate planning basics, titled “Will Power: Wealthy or Not, Your Estate Matters.” The companion book was published by The Graduate Group.
Paula is admitted to practice in the State of New York, the Commonwealth of Pennsylvania, the State of New Jersey, the U.S. Tax Court and the U.S. District Court, Eastern District of Pennsylvania.
Episode Summary:
In this episode of the Money Roots podcast, host Amy Irvine engages in an enlightening discussion with Paula Jones, the esteemed owner of Jones Estate Group. With a robust background in international and domestic estate law, Paula delves into the intricacies of cross-border estate planning. She offers valuable insights into the roles her firm plays in estate planning, particularly emphasizing the importance of having a qualified team comprising estate attorneys, financial planners, and immigration lawyers when considering dual citizenship or cross-border living.
Throughout the podcast, Paula addresses key issues associated with holding assets across different countries and the complex scenarios faced by individuals with multinational ties. Her discussion includes an exploration of residency determinations, tax treaty applications, and the vital significance of qualified domestic trusts in safeguarding assets. Paula’s practical advice caters to a growing audience interested in international living, offering concrete steps to ensure seamless estate planning while navigating diverse legal systems.
Key Takeaways:
Having a qualified team of advisors, including an estate attorney, financial planner, and immigration lawyer, is crucial for cross-border estate planning.
Qualified Domestic Trusts (QDOTs) are essential for non-citizen spouses to avoid hefty estate tax bills in the U.S.
The concept of residency for estate tax purposes is distinct from income tax residency and can vary significantly across international treaties.
Trusts may not be recognized by all countries, thus understanding local laws is vital to maintain estate planning efficacy.
Ongoing estate plan reviews are recommended every 3-5 years or after significant life changes, especially when acquiring assets in different jurisdictions.
Notable Quotes:
"I'm part of the team, I'm part of the advisors team. They still need to work with an advisor, they still need to work with an immigration attorney."
"If you're a U.S. citizen and you decide to go live in Portugal somewhere, you still need to file your U.S. income tax return."
"People do all kinds of things and they move all kinds of, of places because they need family, a support system."
"It's reality and this is life. And, you know, I'm not going to feel bad because I'm not the first person someone decides to call."
"If you have a connection to another country, you can go ahead and elect that other law."
Resources:
Jones Estate Group: Jones Estate Group Website
Western New England University School of Law: Western New England Law (Note: specific URLs are not mentioned in the transcript.)
LinkedIn - Paula M Jones, Esq
Tune into the full episode to dive deeper into the nuances of international estate planning and to benefit from Paula Jones's extensive expertise. Stay connected with the Money Roots podcast for more insightful conversations that help keep your finances grounded and future growing.