Estate & Gift Taxation
US Estate & Gift Taxation
Citizen, Domiciled Resident, or US Asset Owner
US Estate & Gift tax exposure may arise from any of the above three reasons. If you have US situs assets, then you should ensure you are planning for the US Estate & Gift tax.
As of 2023, for non-resident non-citizens the US Estate tax has only a $60,000 exemption; after which US situs assets are subject to taxation.
The rules applicable to citizens (and certain former citizens) and residents differ depending on the circumstances. Citizens have generally been able to transfer more than $10 million in recent years ($12.92 million in 2023).
US Estate & Gift Tax Treaties
The United States has estate tax treaties with fifteen (15) countries; seven (7) of these specifically address gift taxes as well. A full list may be found here.
These treaties generally cover estate and inheritance taxes in the covered jurisdictions. Applications of community property rules, spousal property rights and other issues require planning in advance. If you have questions on US estate or gift taxation please do not hesitate to reach out; we can work with local jurisdiction advisors to coordinate your estate planning.
IRS Estate Tax Closing Letters
We can help with obtaining an Estate Tax Closing Letter from the IRS; such letters or similar documentation is sometimes requested by european banks to release assets of a dual-citizen or other US Person.
We are also able to post-mortem planning for trust structures and model the tax effects of US domestic trusts versus foreign trusts or some divison thereof.
Everything in its Right Place
Addressing Ownership Structures
The US Estate & Gift Tax can be mitigated through proper planning in advance. This often takes the form of ensuring the ownership of US assets is structured to affect an individual’s goals in relation to wealth and tax planning.
Estate & Trust Tax Services
We can assist with the preparation of US Estate Tax and Gift Tax (and the related Generation Skipping Transfer Tax) returns; please contact us to discuss the matter.
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We generally perform work on a fixed fee arrangement, but may enter into other arrangements as suits.