The taxpayer is a United States Non Resident who owns real estate in the United States. The taxpayer has died in 2022. How can I plan to lower US Estate Taxes
As a non-resident of the United States, the estate tax rules are different than for U.S. citizens and residents. The U.S. estate tax applies to the fair market value of the U.S. situs assets owned by the non-resident at the time of their death. U.S. situs assets include real estate located in the United States. To lower the U.S. estate tax liability, there are several planning strategies that can be considered. One option is to transfer ownership of the U.S. real estate to a foreign corporation or a foreign trust. This can help to reduce the value of the U.S. situs assets in the non-resident's estate, as the ownership of the real estate is held by a foreign entity. Another option is to make gifts of the U.S. real estate during the non-resident's lifetime. The U.S. estate tax rules allow for an annual exclusion amount for gifts made to individuals, which can help to reduce the value of the U.S. situs assets in the non-resident's estate. It is important to note that these planning strategies can be complex and should be carefully considered with the assistance of a qualified tax professional. Additionally, there may be other tax implications to consider, such as income tax and gift tax rules.
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