Death tax - its a geographic lottery

Death tax - its a geographic lottery

Death tax – its a geographic lottery

by | Uncategorised

Where you reside and where you were born will have a huge impact on whether or not your death is taxable.

Death or inheritance tax is treated differently throughout the world.  Some countries penalise their citizens regardless of where they reside.  In contrast other countries tax the legacy recipient on interest earned from the gift.  The approach is often related to the countries cultural and economic climate.

The USA death tax is state specific.  New Jersey have agreed to repeal estate tax by 2018.  There will be an initial hike of the threshold from USD675k to USD 2million before the abolition for state residents.  They have not yet addressed the issue of Inheritance Tax for non-linear descendants.  Additional announcements are expected.

In complete opposition the Mexican government is currently discussing the introduction of taxes on large inheritances and donations on a progressive scale.  This could be in place in 2017.  The highest tax band would be 30%.  Consequently estate planning is becoming a hot topic in Mexico.

Other countries are looking at investors and the gains made on assets.  Canada and the UK are both restricting loopholes on foreign owned property.  As a result, so-called tax avoidance vehicles are being wound up and estate planning becomes critical for non-residents as well as residents.

If you have assets in more than one country or have been away from ‘home’ for some time you need to clarify your position.  Who is going to tax you and where?  Act now to ensure that your legacy goes where you want it too.  Further advice is available from Wills Worldwide.

 

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"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK...

Jenny Pearson, Consultant, Cambodia

2018-06-05T07:59:04+00:00

Jenny Pearson, Consultant, Cambodia

"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK tax specialist) to keep my English and Cambodian assets completely separate. Cindy was able to work through all of that with me and I am confident that I now have everything properly covered."
"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and...

Jayne Hilton, Engineer, UK

2018-06-05T08:30:28+00:00

Jayne Hilton, Engineer, UK

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"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a...

Jim Swander, CEO, Cambodia

2018-06-05T08:37:50+00:00

Jim Swander, CEO, Cambodia

"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a project we all can easily put off, it removed an area of stress in my life. I no longer had to wonder if certain people would be taken care of, or where my money would go. Cindy and I worked through the process and she asked a lot of thought provoking questions. The first draft helped me think a second layer down, and made the will more complete. We finalised with her lawyer, signed, witnessed and put away in a safe place, letting my executor know exactly where to find it. I do not hesitate to recommend Cindy’s services."
"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid...

Moray Iles, Vietnam

2018-06-05T08:42:23+00:00

Moray Iles, Vietnam

"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid putting pressure or hassle to complete the Will quickly which allowed us to consider everything in our own time. Best of all, Cindy's professional support and thorough and clear explanation of the laws pertaining to our situation were very helpful. We would look forward to working with Cindy again on documents personal to our family."
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