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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Elroy who wrote (229898)	4/19/2005 8:20:30 AM
From: Taro	Read Replies (2) \| Respond to of 1573827

A lot. My max US deduction is $50k only. The double may apply as married. Furthermore US estate taxation is de facto confiscatory when the children have no legal US status. A wealthy acquaintance of mine (a client of my tax lawyer), holding a green card in the US and an Israel passport had his major business in the US. With his children both living in Israel he was suddenly informed that in case of his death the US estate rules would leave very little to his children. Consequently he terminated his legal US status and moved back to Israel. When he passed away almost 10 years later, the IRS moved in on his estate worth approx. 50 million at the time and left very little of his estate to his kids. The almost above was the show stopper in his case: He just died 4 months short of the 10 years ruling. If you gave up reading the long story, in short: US estate taxation is de facto confiscatory when the next to kin is not a legal resident of the US. Taro