…there already has been widespread speculation that the union of Prince Harry and Markle eventually could result in some British royal children wielding American passports. But there’s a big obstacle in the way: American tax laws. …The United States’ citizenship-based taxation system is unusual...
Estate taxes, however, are generally graduated according to the size of the estate, and in some countries they provide tax-exempt transfers to the spouse and make an allowance for the number of heirs involved. In order to prevent the death duties from being circumvented through an exchange of...
The company received a favorable rezoning of other land it owned as part of the land sale, which was a benefit not taken into account in determining the charitable deduction, the Tax Court held.December 22, 2023 Final rule issued on access to beneficial ownership information The director of...
Some people take the single-life annuity. When the employee dies, the pension payout stops, but a large, tax-free death benefit is paid out to the surviving spouse, which can be invested. Theoretically, a pension fund can run out of money. But if the fund doesn’t have enough money t...
Consider a 40-year-old named Fred, a preferred non-tobacco user with a $1 million life insurance policy. Fred contracted terminal brain cancer and decided he wanted to accelerate half the face value of his policy and collect an accelerated death benefit. ...
Washington State also imposesa death tax of 20 percenton residents who were successful in life. Florida’s constitution bars both income and estate taxes. Even if the new tax was not a factor in Bezos’s decision to move to Miami, the move will have a big impact on how much revenue the...