As estate planning attorneys in South Florida, we have seen a shift in estate planning services we provide. With the rise of foreign individuals migrating to South Florida we are hearing more accents and seeing more ways to best use our estate planning techniques. More “hybrid” families are emerging, whereby there are family members offshore (typically the parents) with their children (or at least some of their children) being domiciled in the U.S. This raises an estate planning quandary. On one hand, it is not beneficial for U.S. individuals to be beneficiaries of offshore structures, while on the other hand it is disadvantageous for foreign individuals to have U.S. structures...or is it?
America has always been a melting pot. We all come from varied cultures and varied traditions. We take these traditions and cultures and have melded them into what we like to call the melting pot of America. Many of us come from a “hybrid” family. In South Florida in particular, you are hearing more and more of the following scenario. The patriarch and matriarch left Europe at a young age and settled in Venezuela (this could be any Central or South American country). Soon thereafter, they started to have a family, and a son and daughter were born. Following the “American Dream,” they moved to Miami, Florida and had their “American” child. In an alternate scenario, one of their children came to the United States (“U.S.”) to study and decided to stay here. Does this sound familiar?