Anyone who has substantial assets in the United States, is a US citizen, or expects to inherit assets situated in the USA or which are the property of US citizens, should take note of recent changes to the US Estate Tax.
The legislation, in the form of the ‘Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010’, makes substantial changes to the US law on the transfer of wealth and has provisions which operate retrospectively and broadly reinstate taxes watered down previously.
Changes to US Estate Tax
If you have substantial property or assets abroad, are of non-UK domicile or expect to acquire assets abroad, minimising the Inheritance Tax (IHT) liabilities on your estate is likely to be more complicated than usual and to require detailed planning and consideration. We can advise you on all aspects of IHT planning and wealth protection.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
