The federal U.S. estate tax is an incredibly important topic for some U.S. citizens and a complete non-issue for others. As such, it is useful to understand the rules, if only to determine whether or not it is something you need to be concerned with.
The first point for every U.S. citizen to remember is that the IRS will impose an estate tax on the fair market value of all assets owned by the deceased, regardless of where they are located, and regardless of where the person lived. Just by virtue of citizenship, the IRS has jurisdiction to tax an American’s worldwide estate. Read the rest of this entry »
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