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Author: BobLangley Old School Fool Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75594  
Subject: Inheritance tax exemption for foreign citizen Date: 8/27/2000 4:28 PM
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My Dad, who is a British citizen with a permanent visa for living in the US, was told by his lawyer that the inheritance tax exemption on his estate will be on the order of only $60,000 rather than the $600,000 or so that it would be were he a US citizen.

This is apparently to prevent flight of capital out of the US as might happen if a wife who was a foreign citizen were to inherit.

All of my Dad's money was earned in the US and his heirs are US citizens so it seems that the possibility of fligh of capital out of the US is unlikely.

Can anyone shed more light on this subject for me?

Thanks,

Bob Langley
Winters, CA
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 24389 of 75594
Subject: Re: Inheritance tax exemption for foreign citize Date: 8/27/2000 5:36 PM
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Bob asks:

<<All of my Dad's money was earned in the US and his heirs are US citizens so it seems that the possibility of fligh of capital out of the US is unlikely.

Can anyone shed more light on this subject for me?>>


The estate tax laws are different for aliens than they are for citizens. Until Congress changes those laws (and there's little likelihood of that happening), those rules remain in effect.


Regards..Pixy


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Author: WPatch Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 24390 of 75594
Subject: Re: Inheritance tax exemption for foreign citize Date: 8/27/2000 6:36 PM
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[My Dad, who is a British citizen with a permanent visa for living in the US, was told by his lawyer that the inheritance tax exemption on his estate will be on the order of only $60,000 rather than the $600,000 or so that it would be were he a US citizen.

This is apparently to prevent flight of capital out of the US as might happen if a wife who was a foreign citizen were to inherit.

All of my Dad's money was earned in the US and his heirs are US citizens so it seems that the possibility of fligh of capital out of the US is unlikely.

Can anyone shed more light on this subject for me?]

As your father is a residnt alien, he will be taxed on his estate the same as a U.S. citizen, with a $675,000 exemption amoount. Only a non-resident alien would be subject to the $60,000 exemption amount.



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