Deciphering US Estate & Gift Tax!

Episode Duration:
75 minutes

Episode Background:
Estate taxation traces its roots back to ancient Egypt, through the Roman Empire and medieval Europe, and into the infancy of the United States. Modern estate tax began with The Revenue Act of 1916, imposing a 1% tax on estates above $50,000 and 10% above $5 million. Moving forward 91 years to 2017's Tax Cuts & Jobs Act, the exemption base amount (what is not taxed in an estate) doubled from $5 million to $10 million. Currently, President Biden has proposed two major changes to estate and gift taxation: 1) Reducing the estate and gift tax exemption amount to $ 3.5 Million, and 2) Eliminating the step-up in basis.

What does this mean? What are a few tax planning strategies one may consider? How President Biden’s changes may affect your or your client’s estate planning?

What shall the episode cover?

To dissect all this and more, Taxsutra in conjunction with KNAV is delighted to present to you a special episode on “Deciphering US Estate & Gift Tax”. In this episode, Ms. Sonjui Kumar [Founding Partner, KPPB Law (Atlanta)], Mr. Uday Ved [Partner, KNAV India] & Ms. Simone Alting [Associate Partner, US Tax & Advisory – KNAV USA] shall take you deep into the aforesaid subject, highlights of which are as follows :

Key Highlights

1. Who is subject to U.S. estate / gift tax?
2. Who is a domiciliary?
3. What are the differences in estate and gift taxation for US citizens/domiciliaries vs. Non-citizens, non-resident persons (NCNR)?
4. How are the U.S. Situs assets valued?
5. Are there any credits/exemptions available?
6. Implications of no estate and gift tax treaty with India
7. Reporting Requirements
8. Tax planning opportunities to avoid or minimize U.S. estate/gift tax.

Relevant Audience – Financial Advisors, Large & Mid-Size Tax Consulting firms, Practitioners, Wealth Managers, Indian residents/ nationals with assets/investments in the US, Family offices owning US assets, U.S. citizens/U.S. domiciliaries with ties to India etc.