In an article titled "Foreigners and the Gift Tax," Beth D. Tractenberg and Kathryn von Matthiessen, partners at Katten Muchin Roseman LLP, discuss a major change in U.S. estate and gift tax law that provides a two-year window, through the end of 2012, to make additional tax-free gifts. Wealthy non-citizens who live in the U.S., but who are not certain whether they are subject to U.S. gift and estate taxes, can in some cases take advantage of the new law to hedge their gifting. The article discusses how tax treatment depends on whether or not the foreigner is legally "domiciled" in the U.S.
Posted by William Alan Nelson II, Associate Editor, Wealth Strategies Journal
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