I am in the process of making estate plans. My attorney says he doesn't know how accounts from out of the country would be handled in the event of my death. He recommended getting each place at which I have an account to assign a beneficiary, and I tried to get a few books to do this, but none of them showed interest in it. Has anyone faced this problem?
think of your money offshore for gambling as your money. Not money that you share with the family. If you loose it all then your family didn't loose out on anything.
If you start to get more money offshore than you feel comfortable with keeping all to yourself, then ask for a withdrawal and realocate those assets to something a little more ligit.
Now if something were to happen to you. Leave with your attorney a letter sealed and addressed to the executer (sp) of your estate. The letter should contain information on all your offshore accounts, usernames and passwords, along with instructions on how to request a check withdrawal for all funds (in your name).
Once they get the checks they can be deposited into your checking account and they become part of your estate.
This way the books have no idea you have passed away, and your heirs will be looked after.
good luck
If you start to get more money offshore than you feel comfortable with keeping all to yourself, then ask for a withdrawal and realocate those assets to something a little more ligit.
Now if something were to happen to you. Leave with your attorney a letter sealed and addressed to the executer (sp) of your estate. The letter should contain information on all your offshore accounts, usernames and passwords, along with instructions on how to request a check withdrawal for all funds (in your name).
Once they get the checks they can be deposited into your checking account and they become part of your estate.
This way the books have no idea you have passed away, and your heirs will be looked after.
good luck
Interesting. How do you know that any funds will be there when you pass on?
A related question I have (for tax purposes) is exactly when are "winnnings" considered winnings. I say not until you collect them. In other words if I win $500 this week, but loose it back next week and never collected ---do I have "winnings"?
Sorry if a bit off topic, I'm just wondering. Good luck in your search!
A related question I have (for tax purposes) is exactly when are "winnnings" considered winnings. I say not until you collect them. In other words if I win $500 this week, but loose it back next week and never collected ---do I have "winnings"?
Sorry if a bit off topic, I'm just wondering. Good luck in your search!
