Death Taxes Around the World in 2013

The United States seems to have settled down, at least in terms of setting an estate tax. We're likely to have the $5.25 million exemption (adjusted for inflation) for the "indefinite" future and a new top estate tax bracket rate of 40 percent. Meanwhile, changes in the inheritance ta...

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Bibliographic Details
Published in:Trusts & Estates 2013-11, p.56
Main Author: Hauser, Barbara R
Format: Article
Language:English
Subjects:
Attorneys
Capital assets
Capital gains
Estate administration
Estate taxes
Income taxes
Inheritance taxes
Manycountries
Personal property
Probate
Stamp duties
State court decisions
Tax exemptions
Tax planning
Tax rates
Tax revenues
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Summary:The United States seems to have settled down, at least in terms of setting an estate tax. We're likely to have the $5.25 million exemption (adjusted for inflation) for the "indefinite" future and a new top estate tax bracket rate of 40 percent. Meanwhile, changes in the inheritance tax have occurred around the world since my last survey in 2008. Some countries have abolished the tax; others are adding it; several just keep changing it. One widespread change, including in the United States, is adjusting to the evolving laws recognizing the validity of same-sex marriages and their estate tax treatment. On a practical level, advisors will find it helpful to know where global clients should be living at the end of their lives for the best tax treatment. All, except US citizens, have the flexibility to choose a new tax jurisdiction by moving there. In fact, people with fortunes are increasingly moving out of high inheritance tax countries.
ISSN:0041-3682