What Are the Closing Costs on Sale of Real Estate in Mexico

Purchasing real estate in Mexico is a little more costly than the USA.  The various closing costs and fees  are high. The Settlement Company has a calulator on their website which will help you calculate a projection of your estimated closing costs.  See how much they will be HERE

Buyer and selling real property be it your home or a rental or business property does have significant US tax income tax and reporting consequences as well as Mexican tax ramifications. If you wish to learn mroe please contact Don D. Nelson, International Tax Attorney at ddnelson@gmail.com. His US number is 949-480-1235 and his Mexico number is 52-624-131-5228.  Planning for costs, taxes and legal matters ahead of your purchase or sale can save you money.

Estate Planning for US Expatriates Living In Mexico for US assets

Most do not realize that the US legal system does not work well when it comes to transferring assets to deceased owners.  Probate in most states takes one to two years and costs a lot of money in attorneys fees. It also is cumbersome and all information about your estate is public.

If you have assets in the US you should set up a Living Trust which will pass your assets without probate and keep your bequests and value of your estate absolutely confidential.   Without a living trust most states require probate if your US assets values exceed certain minimal amounts.  Living trusts do not required court supervision and keep attorneys fees at a minimum.

Also you cannot count on your Mexican will since it will require probate in the US and may cause other problems and even not be recognized by some states.

A living trust is a document that during your lifetime gives you total control of your US based assets. Upon your death a successor trustee takes over and distributes the assets in any manner you have stated in the Trust. The successor trustee can be a bank or family members or other individuals whether US residents or foreign citizens.

Though you are living in Mexico, if you do have valuable US assets, setting up a US Living Trust is the only solution for fast and inexpensive transfer upon your death. Living trusts used to be used to reduce estate taxes, but now that US estate taxes only apply if the value of each individuals estate exceeds 11 million dollars that is not a consideration.

Want to learn more about living trusts, and US estate planning including US wills, US powers of attorney (much different than those used in Mexico) and health care directives email Don D . Nelson, Attorney at Law at ddnelson@gmail.com and visit our website at www.taxmeless.com