Foreigners and the Gift Tax
Published in Private Wealth Magazine
Beth Tractenberg and Kathryn von Matthiessen, partners in the firm's Trusts and Estates Practice, authored an article in Private Wealth Magazine
explaining how some wealthy foreigners can take advantage of a change in U.S. estate and gift tax law that provides a two-year window to make tax-free gifts. The article, "Foreigners and the Gift Tax," discusses domiciled vs. non-domiciled status and which assets are subject to tax. The authors note, "Regardless of whether or not a foreigner is domiciled in the U.S., she should make efficient use of the additional $8 million of gifting afforded by recent tax law changes. Using techniques that discount the value of the transferred assets provides the most 'bang for your buck.'"