Expat Community > Philippines

eppnrpi
Joined 2011
Posts: 40

Foreign spouse as a beneficiary for estate planning

8 years ago

I was lucky enough to marry my Filipina wife 15 years ago and was awarded my residency 18 months later.
In trying to set up our "financial plan" and name her as my beneficiary I've been told that unless she is a US citizen (or a green card holder) I am not able to name her as beneficiary of my estate!
My wife is a tenured professor and it is not possible for her to travel to the States and wait for two to three years for her citizenship.
I have found through my research that a waiver is available from the Department of Homeland Security/Immigration and Naturalization Service if I am stationed on government service in the Philippines, but, nothing is available if I am retired and now claim the Philippines as my residency.
My financial planner in the States said that the major reason is that according to the Internal Revenue Service (IRS) there is NO spousal exemption for foreign spouses and therefor my estate would be subject to a 65% tax upon my death!
Just posting this topic for the community for comments and suggestions.....

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SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

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Expat Community > Philippines

Foreign spouse as a beneficiary for estate planning

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