estate tax united states
Inheritance tax on 15 million dollar?
I am a U.S. citizen along with my mother but my father is a Korean citizen. His net worth is around 15 million dollar (mostly in Korea and in real estates). I’m still young but he is considering to give it all away to me later on. When I inherit this, would I pay the inheritance to United States or to Korea? In Korea it is 33% when it exceeds 3 million however I heard in United States it is 55% after Obama becomes president. Korea might even get rid of the inheritance tax by 2012 (according to the news).
Also, if I inherit that money, am I set for life? (by the way, I’m the only child)
You mention your father giving it all away to you later on. Before he dies? If so that would be under a gift tax which is and will be higher than an inheritance tax. Which is it? You are correct that Obama and the Democrats will let the inheritance tax come back. And perhaps at higher rates to help pay for the deficits they have promised. My guess is that unless your father dies soon, you would probably be better off under Korea’s tax laws if you can find a away to be under their jurisdiction. Good luck.
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