NEW GIFT AND INHERITANCE TAX RULES AFFECT FOREIGN NATIONALS

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NEW GIFT AND INHERITANCE TAX RULES AFFECT FOREIGN NATIONALS
The Internal Revenue Service has published new regulations effective August 22, 1995 which cover gift and estate taxes applicable to non-US citizens. The regulations contain the following new rules: 
a restriction on the deduction of estate and gift taxes where a spouse transfers funds to a non-US citizen spouse either through inheritance or a gift 
the annual exclusion for gifts transferred to a non-US citizen spouse has been increased to 0,000 
the tax rate and the "unified credit" amount for estates of nonresident, non-US citizen decedents has been changed 
new rules regarding "protective elections" for passing property to a non-US citizen spouse and for conforming marital trusts and non-marital transfers to "qualified domestic trusts" were also added 
For more information on the new rules, you are advised to consult with a tax attorney.

Siskind Susser Bland
1028 Oakhaven Rd.
Memphis, TN 38119
T. 800-343-4890 or 901-682-6455
F. 901-682-6394
Email: info@visalaw.com

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