Our friends at Beacon Financial Education recently published an article about inheritance tax planning on their website. Expat Republic asked them to rehash this information as well as give us some Dutch specific examples. The following article is about the do’s and don’ts of inheritance tax planning while living in the Netherlands.
The Basic Planning Rules for Inheritance Planning
Before we go into Dutch specific examples, let’s go over some basic planning rules when putting together an inheritance. The 8 things to consider when planning inheritance as an expat are: Know overseas requirements, understand the US Federal and State tax, consider two separate wills, the dreaded double estate tax taxation, foreign life insurance, the gift tax, and the basics– including taking inventory on assets, investments, retirement savings, insurance policies, real estate and business interests, collectables, naming an executor, filing tax returns, processing creditor claims, naming a power of attorney, healthcare power of attorney, contact with heirs, deciding on a trust. A lot to consider. If you want more details on all the things to consider, check out Beacon Financial Education’s previous article on Inheritance Tax Planning. Now we’ll go over the do’s and don’ts of inheritance tax planning while living abroad and specifically while in the Netherlands.