Nationality, residency, domicile: importance in the presence of international property

Inheritance planning abroad is important if you live in one country but are a resident of another. For those of you who have assets abroad but pay taxes in India, make sure your legacy planning takes such assets into account.

P Legacy planning is a major challenge for families and it becomes especially challenging when it comes to cross-border ties. As the younger generation increasingly seeks educational and professional opportunities abroad, families face a web of legal complexities in developing their inheritance plans.

To illustrate the multifaceted aspects of international legacy planning, let us consider the case' 'Ramakrishnan. He is a citizen and resident of India, married to a British citizen who is also a resident of India. Their children hold American passports and reside in the United States.

The concepts of citizenship, residency, domicile are relevant to international estate planning. Citizenship refers to an individual's nationality, while residency refers to the country where he or she resides, either permanently or temporarily. Residency and domicile, often