Estate Planning for E-2 Visa Holders and New U.S. Residents in Florida

Many of the families we work with have recently moved to Florida on an E-2 investor visa or another status, or are investing in U.S. property for the first time. The U.S. legal system can be very different from home, and a few planning steps can protect your family and your investment.

1. The U.S. is a litigious place

A lawsuit can start with something ordinary, like a car accident or a guest who slips at your home. Property held in your personal name can be exposed. Many new residents hold their home, rental property and business in their own names without realizing it. Reviewing how assets are titled, using Florida’s exemptions, and holding investment property in LLCs can reduce that exposure. See asset protection.

2. Probate can be slow, and can happen twice

If you pass away owning Florida property in your own name, your family may need to go through Florida probate. If you are domiciled elsewhere, Florida may require an ancillary probate in addition to proceedings in your home country. A revocable living trust, properly funded, can help your family avoid probate for the assets it holds.

3. Your home-country will may not be enough

A will made abroad may or may not work smoothly for U.S. assets, and translation, witnessing and recognition issues can slow things down. Many international families keep a home-country will for assets there and a coordinated Florida plan for U.S. assets. Make sure one doesn’t accidentally revoke the other.

4. Name guardians for your children

If your children are in the U.S. and family members are abroad, decide now who would care for them if something happened to you, and name alternates. Florida lets parents sign a declaration naming preneed guardians. Read more about guardianship planning.

5. Plan for incapacity

If you’re hospitalized or unable to manage your business, someone needs legal authority to act. A Florida durable power of attorney and health care surrogate designation can keep your business and family running.

6. Ask about U.S. estate tax

U.S. estate tax rules for people who are not U.S. citizens can be very different from the rules for citizens. For example, non-residents who are not U.S. citizens may have a much smaller exemption for U.S. assets, and leaving property to a non-citizen spouse can require special planning. Tax treaties may also apply. We coordinate with your tax advisor so your estate plan and tax strategy work together.

Maimone Legal is a family-owned firm that also practices U.S. immigration and business law, so we understand the bigger picture for families building a life here.

This article is general information about Florida law, not legal advice, and reading it does not create an attorney-client relationship. Laws change, and every family’s situation is different. Speak with an attorney about your circumstances.