Obama, Republicans Re-vamped US Estate Tax – How Does This Affect Me?
In December, 2010, the Democrats and Republicans passed an uncharacteristically mutually agreeable amendment to the US Tax Code. One must assume that among other factors, this is a simple attempt to ease the burden of the difficult financial times that the US nation has experienced in the past couple of years.
How do the amendments to the US Estate Tax affect those of us residing abroad?
Any US citizen no matter where they reside, who dies before December, 2012, can own up to $5 million worldwide before the US Estate Tax applies. Yes! The US raised the exemption from US Federal Estate taxes to $5 million. Two US citizens married to each other can exempt $10 million from US Federal Estate taxes.
In the midst of discourse regarding the US current financial state of affairs, and the state of the US debt, many have criticized this move. But it is a relief to us as US citizens.
If I own less than $5 million worldwide, do I still need to plan? If you:
- want to ensure your legacy reaches the heirs whom you want to inherit – YES!
- are married to a non-US citizen – YES!
- own assets located in the US – YES!
- have minor children to whom you wish to leave a legacy – YES!
- wish to leave a legacy to a disabled person – YES!
Planning will eliminate court fees, taxation, an average waiting period of one year, complex bureaucracy and much more.
Experienced US Estate Planning Attorney Felicia M. Seaton understands what your estate plan should include to maintain your family’s best interests throughout difficult times. She can help you formulate a thorough plan to give you peace of mind. Contact her today click here or call 0526182582/US: 3028923336.