Hi all, my dad is a greencard holder with Australian citizenship, but he's thinking of giving up his greencard just before he has a chance to become a citizen of the US because he wants to avoid paying estate taxes on his real-estate portfolio (probably worth about 4M) in Australia. He thinks if he turns in his greencard and returns to australia, he can give his estate to me (I'm a US citizen) at the time of his death without me incurring any taxes in the US (Australia has no death tax). Is he correct that giving the estate of a non-resident to a US citizen does not incur the estate tax, or any other form of gift or inheritance tax? Is there a better way to handle this, because I'd really prefer my dad to become a US citizen so he can spend more time here Thanks!
- posted
16 years ago