Many foreign nationals own a house or apartment along with other assets in New York (foreign nationals are persons who are not U.S. citizens or residents (or, nonresident aliens)). They are referred to here as “foreigners.”
Unpleasant surprises may be in store for a foreigner’s family and beneficiaries when he/she dies owning real estate, a cooperative apartment, tangible personal property or financial accounts in New York. What steps must the family take to get access to the New York assets? Which country’s law will be applied? Will the estate be required to pay federal estate taxes?
