The IRS recently issued a new set of proposed rules on taxes for high-net-worth individuals in the U.S., including citizens and residents, who receive gifts from expatriates. According to the National Law Review, the tax is significant because it is designed to disincentivize U.S. citizens from expatriating individually. The new rules The proposed tax, which […]
Currently, the gift tax exclusion threshold is $14,000, but most high net worth individuals will probably never pay the tax, according to the Motley Fool. This is due to the fact that even if individuals exceed the $14,000 limit, they will most likely only need to file a gift tax return and apply part of […]
New York state has long been a gift tax haven, but recent changes to legislation have reduced the burden of the estate tax as well. By doubling the estate tax exemption from $1 million to over $2 million, New York has positioned itself as one of the most gift and estate tax friendly states in […]
