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Hi, I am a newbie to this site (still working). My retired friends are raving about this site, so here I am. I have an Estate Planning question that my retired friends tell me this site could answer.
I am a US citizen (healthy 50's) 20+ years married to a Danish national (resident alien green card status-first and only marraiges both) who has lived and worked in California over 20 years. We have teenage children entering college. My wife wishes to maintain her Danish citizenship and her green card status. We are in the medical field and we are flummoxed by the legal-ese in which much estate information is formatted. We would like to avoid probate and set up living wills and power of attorney.
We have a will but have not done any other estate planning as yet. I am told that estate planning for our situation is difficult and unique. I can't find many details on the web concerning estate planning for couples where a Danish resident alien is married to a US citizen. I have been told that there may be severe tax consequences for our estate if we don't start planning, but I am told that estate tax treaties between Denmark and America make this more complex.
We have contacted the Danish Embassy but they have not been able to help, as they indicated this an American legal situation.
Has anyone in the forum been in a similar situation? What did you do? How do we find information about what type of estate planning we need for our unique situation? How do we find out the advantages/disavantages of the various types of trusts for us- A/B, QDOT, QTIP, etc? Should we consult a specialist estate tax attorney? What type of specialist? Can we do this ourselves? Do we even need a trust, as it appears that death taxes are being phased out?
Thanks for reading this!!
I
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