Can wealthy U.S. citizens reduce taxes through expatriation?

Article Abstract:

Expatriation may have beneficial tax consequences for some wealthy US citizens, but careful planning is required. Proper advice on nationality laws and obtaining foreign citizenship is essential, and the tax laws of the destination country should be studied carefully. Some assets will be taxed by the US upon granting expatriation or upon the death of the expatriate, and residency in the US will need to be severely limited to avoid other taxes. These issues are discussed in detail.

Analysis, Economic aspects, Estate planning, Expatriation

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Family-owned business deduction is enhanced by balance sheet planning

Article Abstract:

The estate tax deduction for family-owned businesses in IRC section 2057 can provide benefits where careful planning of balance sheets results in the statutory 50% liquidity requirement being met. The statute, which replaces former exemption section 2033A, continues to be extremely complex despite changes made by the IRS Restructuring and Reform Act of 1998. Reference to planning rules and possible balance sheet fact patterns may be useful.

Tax Law, Public Finance Activities, Tax Deductions & Exemptions, Taxation, Laws, regulations and rules, Tax deductions, Family-owned business enterprises, Family-owned businesses

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