No. of Recommendations: 1
You are saying that if I, a US citizen, chose to reside in another country, our US assets will be taxed from dollar one if I die?
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No, this is not correct.
US Citizens, residing in the USA or residing outside the USA, receive a $14.58M exemption before estate tax kicks in. ALL assets, held anywhere in the world, in any form, are included.
Non-US Citizens, residing in the USA or residing outside the USA, receive a $60k exemption before estate tax kicks in. ONLY US assets are included. Some countries have tax treaties to alleviate double taxation, but not all.
Sounds right. But for "US Citizens" I would substitute the phrase "US Persons", which has a specific meaning to the IRS. You can be a fully taxable "US Person" without being a citizen. There are probably some rare circumstances that the reverse is true. Spies on assignment?
Jim
