January 16th, 2008 | 
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somekidwhoplaysstarcraft asked:
Hong Kong and Singapore for example, (aren’t they both very successful in economy?) So, if you send money over there and allow your children to inherit it, you don’t have to pay tax?
Its really not fair to have estate tax. Your parents worked hard for the money for you to inherit purposely. But the government tries to take 45% of it. We always pay income tax and properties tax. How come we have to pay inheritance tax? 45% is like robbing. I would understand if its like 20% though.
Lyndon Leming
Hong Kong and Singapore for example, (aren’t they both very successful in economy?) So, if you send money over there and allow your children to inherit it, you don’t have to pay tax?
Its really not fair to have estate tax. Your parents worked hard for the money for you to inherit purposely. But the government tries to take 45% of it. We always pay income tax and properties tax. How come we have to pay inheritance tax? 45% is like robbing. I would understand if its like 20% though.
Lyndon Leming
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For one year but if you inherit property it will owe capital gains tax is scheduled to the heirs will owe capital gains tax is scheduled to the fair market value at date of death in 2010 the values.
If you are a U.S. citizen, the estate tax when you die is based on your total, worldwide, estate. Moving assets to another country does not reduce the estate tax that must be paid when you die.
Enforcement is another matter. Some countries will not allow the IRS to seize property located in their borders. However, your children may not be able to get the property back into the U.S. without paying the tax.