In the second in a series of articles by BDO’s London-based private client US tax advisory team, it considers the recent US tax reform through the eyes of the American abroad. In this second instalment, tax partner Mark Walters looks at estate planning and the HNW family.
In 2017, the discussions by the US administration regarding comprehensive tax reform seriously considered the demise of estate tax. In the final analysis, the exemption for gifts and estates was set at $10 million plus inflationary uplifts, setting the current exclusion amounts at $11.18 million for 2018.
The change is temporary, expiring at th...