PeterVanHek
Junior Member
What is the name of your state (only U.S. law)? Florida
My wife and I are from Europe, so non US residents and owning a house (appraised at $200K) in Florida. We have no further assets than just a current account in an US bank with a limited amount. Title to the house as well as our bank account is in both our names.In our efforts to get a will, we have got different advice from two different legal sources. One says that a so called cites (?) will would be sufficient to inherit from one another and in case we both decease at the same time, our sons in Europe. Given the amount, it is unlikely that there will be any US inheritance tax involved. Moreover , there might be an estate tax treaty between the US and my home country. The second source says, that despite there is a for a non taxable part of the inherited estate for spouses, this does not apply for non residents and a (revocable) living trust would be more appropriate, as this would avoid paying inheritance tax in the US. Of course the Fl estate would kick in the total inheritance in Europe and subject to tax, but since the US tax rates are a lot higher, this would be more beneficial to us. Hope you can comment on this specific issue and not direct me to another attorny as this would be the third one in a short while.
My wife and I are from Europe, so non US residents and owning a house (appraised at $200K) in Florida. We have no further assets than just a current account in an US bank with a limited amount. Title to the house as well as our bank account is in both our names.In our efforts to get a will, we have got different advice from two different legal sources. One says that a so called cites (?) will would be sufficient to inherit from one another and in case we both decease at the same time, our sons in Europe. Given the amount, it is unlikely that there will be any US inheritance tax involved. Moreover , there might be an estate tax treaty between the US and my home country. The second source says, that despite there is a for a non taxable part of the inherited estate for spouses, this does not apply for non residents and a (revocable) living trust would be more appropriate, as this would avoid paying inheritance tax in the US. Of course the Fl estate would kick in the total inheritance in Europe and subject to tax, but since the US tax rates are a lot higher, this would be more beneficial to us. Hope you can comment on this specific issue and not direct me to another attorny as this would be the third one in a short while.