For high net worth individuals (HNWs) all tax requires careful planning and advice, but some forms of taxation need more forethought than others. Due to the fact that it’s payable upon death, estate tax is one of these.

In the US estate tax is payable at 40 percent, with a small exemption of $60,000 for shares held in US companies. This also applies to non-US citizens who hold over $60,000 in US companies.

Preparing for these taxes can get complicated as there are “a lot of traps”, Astrid Owen, partner at law firm McDermott Will & Emery (MWE), told the audience at a seminar hosted by the law firm in June.