There are federal transfer taxes in the United States that can significantly erode your wealth as you are passing it on to your loved ones. These taxes carries a 40 percent maximum rate, and this is certainly an eye-catching figure.
The good news is that there is an unlimited marital deduction. You can transfer unlimited assets to your spouse tax-free, as long as your spouse is an American citizen.
If you are married to a foreign citizen, you could gain estate tax efficiency through the creation of a qualified domestic trust. Your surviving spouse could benefit from the trust throughout his or her life, but the estate tax would not be applied.
Click here to read the whole report or download the PDF which explains what a qualified domestic trust can accomplish and how to implement the strategy.
- 5 Things You Might Not Know About What Happens After Your Death - October 13, 2021
- Estate Planning Lessons the Covid Pandemic Has Taught Us - October 6, 2021
- Can a Charity Be the Beneficiary of a Living Trust? - September 29, 2021