Estate Planning -for Black Women Building Legacies Abroad
International Living on Our Own Terms
IMPORTANT: This content is for educational purposes only. The information provided is not tax, legal, or financial advice. Always consult with qualified trusted professionals who can provide personalized guidance tailored to your specific circumstances.
Living abroad as a Black woman often means being the first in your family to take such a leap, and if you’re like me, you’ve created many first. And now, here we are being the first to have the audacity to leave the United States of America. Is that you? Well, we are traveling this journey together. We can also travel on the estate planning education journey too. As we continue to lead the way in building wealth, creating opportunities, and establishing a legacy in ways previous generations couldn't imagine, let’s add organized estate planning to that list.
Building a life abroad can be and is a beautiful adventure. If you have been listening to leaders in the area of helping women who look like us take this extraordinary step, you know that preparing and organizing for this journey are important steps. We have heard about the importance of getting our finances in order, decluttering, separating from toxic workplaces, identifying your strengths and turning those into new business ventures, and preparing for important conversations. These steps are very similar to how you should think of estate planning.
This is important because what you may not know or have not addressed just yet with everything you are juggling is that US estate planning might not protect your international life the way you think it does. I don't say this to scare you but to help you prepare in a way that continues your trailblazing tradition. You're already the first in your job, friend group, and family to make this international leap - why not be the first to get estate planning right for international living too?
Expats Need to Know - When you move abroad, you're not just changing countries, you're entering a completely different legal system that could override your carefully made plans. That will you created in the US? It might conflict with local inheritance laws. Your property ownership? Different countries have wildly different rules about how assets transfer to your children. If you haven’t started the estate planning journey, that works great. You will need to add your US estate planning to your list. Don’t panic, in this digital era, you can organize your estate planning anywhere in the world where Internet services are available. You will just need to ensure that your trusted estate planning advisors understand the international intersections.
Why This Matters Especially for Us - As Black women securing international legacies on our own terms, we're often the first-generation property owners or attempting to define a life on our own terms. We are often supporting our families abroad and possibly back home in our country of origin. We are trying to build a comfortable life that allows us to build assets or simply live comfortable lives leaving Black Excellence in the rear-view mirror. In any event, we are establishing legacies and creating value that we will want to plan how our unique contributions are cared for upon our transition. We also have people we love even as we journey on the path as pioneers defining our future on our own terms. The reality remains that we want to continue the trailblazing pioneer path especially in the way we manage our estate planning.
Black Expat Women Should Consider These Critical Factors:
Property Ownership Across Borders That beautiful home you bought in Portugal or Mexico? Local laws might require your children to share inheritance with people you never intended to benefit. Some countries have "forced heirship" laws that override your will entirely.
International Tax Coordination Your retirement accounts, Social Security, and investment income could face taxation in multiple countries when you transition diminishing your children or loved one’s inheritance significantly.
Guardian Rights for Your Children If something happens to you abroad, local courts might not recognize the guardian you named in your US will, especially if that person lives in America.
The Empowering Truth - Understanding these challenges can feel scary but in fact they are empowering. This is why I invite us to take this journey together, so we can together empower ourselves and continue our trailblazing pioneering historical journeys towards defining our lives by our own terms while we are physically present and beyond.
With proper coordination and information, you can actually ensure your self-defined success continues to empower your loved ones and protect the valuable contributions you’ve made abroad better than families who never leave the US. International living gives you access to planning strategies and protections that can enhance your legacy significantly potentially making it easier to live on your own terms.
What you can consider for next steps is to start planning even if that means simply writing down the list of documents you need. You can start your list by reading my July 12th post where I identify how to start the process. You can also simply start with education, hopefully with me, then coordinate with trusted professionals (estate planning attorney, financial advisor, and tax attorney) who understand both systems.
For comprehensive guidance on protecting your international legacy, I've created the "US Expat Estate Planning Guide" ($47) with detailed strategies for Americans living abroad.
Ready to discuss your specific situation? I offer a free 15-minute consultation to see if my comprehensive planning session valued at $150 for one hour fits your needs.
As we rewrite our narratives, let's ensure that our narratives transcend time. Estate planning includes having your documents in order, and more importantly, estate planning for Black women is about preserving the revolutionary stories we're writing as we live on our own terms internationally. Building lives abroad, estate planning allows us to empower our loved ones and preserves the unique trailblazing pioneering footprint that defines our legacy.
DM me and share what your biggest concern about protecting your legacy is or what prevents you from starting the estate planning process (other than the obvious)?
WeRise & Thrive together! Carla
