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Uncle Sam’s Nasty Shock for Non-U.S. Citizen Spouses


Are you a U.S. citizen married to a non-U.S. citizen? Or, are you and your wife or husband equally inexperienced card and/or U.S. visa holders residing in the United States?
If so, then you are going to want to be mindful of U.S. estate-tax rules that, without proper organizing, can result in an outsized tax monthly bill.
Not too long ago, we began doing work with an American customer who has a significant estate and life and functions in the United States. His wife is a Canadian citizen and U.S. inexperienced card holder, but not a U.S. citizen. The pair does not have kids.

In a latest tax-planning session, our American client was shocked to discover that any gifts in between he and his wife may be subject matter to tax prices as high as 40%. The same large tax fee might use to any inheritance remaining by a deceased wife or husband to the surviving wife or husband. cross border wealth management ’s shock was easy to understand, since the rules are very various for couples who are both U.S. citizens.
Most Individuals depart the bulk of their estate to their surviving wife or husband, since most of it can be transferred with out tax implications. In particular, below the "unlimited marital deduction," if a person leaves his or her estate to a wife or husband, there is no estate tax on the transferred residence, irrespective of the dimension of the estate.
Just set, the IRS is inclined to hold out right up until the next spouse dies ahead of levying an estate tax. Likewise, married couples are totally free to make unrestricted inter-spousal gifts without having incurring gift taxes.
By the way, simply because of the U.S. Supreme Court’s recent DOMA determination, exact same-sex couples can now sign up for heterosexual partners in transferring as considerably of their estate as they like to their wife or husband, free of gift or estate taxes. The capture is that the two spouses need to be U.S. citizens.
The IRS sees things in different ways when it arrives to transfers in which a single partner is not a U.S. citizen. The "unlimited marital deduction" therapy does not apply to a international husband or wife simply because the IRS is concerned the non-citizen husband or wife will shift to another place, therefore staying away from U.S. gift and estate taxes entirely.
Without the availability of the marital deduction, recent regulation permits the 1st $5,430,000 (altered for inflation) of assets


 
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