Gifts and Bequests from Expatriates May Result in Tax Liability for U.S. Citizens and Residents
On June 17, 2008, the Heroes Earnings Assistance and Relief Tax Act of 2008 (“HEART”) was signed into law. HEART generally extends various tax relief measures to members and veterans of the U.S. armed forces. However, HEART also takes a significant departure from the long-established U.S. gift and estate tax system, and now subjects the recipients of gifts and bequests from certain expatriates to significant tax liability. View full article (PDF).