Gary A. Phillips and Steven M. Saraisky of Cole Schotz write: The adverse tax result that follows from foreign parents leaving their assets outright to U.S. children can be avoided with advance planning. Often, foreign parents can incorporate trust planning into their own estate planning documents. If assets pass to a properly structured trust for the benefit of a child rather than outright to the child, the assets in the trust may not be subject to estate tax in the child's estate.
January 17, 2017 at 12:00 AM
1 minute read
Anyone who has seen the current Broadway hit Hamilton knows that we are a nation of immigrants. Moreover, many U.S. persons who moved here from elsewhere have parents back in their home country.
When those “foreign” parents pass away and leave assets to their U.S. children, those assets become subject to the U.S. estate tax system in the children’s estates, where ultimately they can be taxed at a 40 percent federal tax rate (plus state estate taxes) when a child dies.
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