My dad, a widower, owned a house in Arizona which at the time of his death in October, 2005 was worth about U.S.$230,000. The house was in a living trust that he purchased in the USA. My dad was a Canadian citizen and Canadian resident who only spent 6 months in Arizona each year. I am a U.S. resident-alien (green card) and I am the successor-trustee of the trust (and am 1/3 of the beneficiaries of the trust).
Are there estate taxes that he must pay? Someone (not a CPA) told me that the $2,000,000 estate tax exemption does NOT apply to him but a much lower one does: that the estate must pay U.S. estate tax for any U.S. property over $60,000 at a rate that starts at 17%.
What sort of return must be made on his estate in the U.S.?
Can anyone enlighten me on this?
I thank you in advance to your attention to this.