My Dad lives overseas in the Philippines. He is a US citizen. When my mom was still alive (she was a citizen of the Philippines at the time), they used money they accumulated and purchased land in the Philippines (farm land, vacant land, house lots, lots where they built apartments, and even a condo). There is also land that was inherited from my grandmother. I understand all that is mentioned about estate planning for myself here in the US, but what and how for my Dad? I suppose that a legal document here in the US means nothing there in the Philippines. What should he and or we do? He is at 84 years of age and has remarried. Thanks
A tie-in to this topic, I recall a few articles on MoneyTalks News that suggest retirement overseas may be less expensive. Well with more folks moving to locations like Costa Rica, Thailand, Philippines, etc., this issue of estate planning with overseas property becomes real current and salient. I know of a co-worker who retired and was building a house in Belize along with other expatriates. What and how to do with such property when one passes on? What needs to be done to prepare? Need to get with a local lawyer and deal with local based estate planning – if such exists? How to translate to and for beneficiaries located in the USA? Any thoughts or recommendations, solutions? Thanks
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