citizen or green card holder

[neilwilson]

I have been here for 10+ years and amassed over 700k. i am not a USA citizen yet; so i ask does the same laws apply to green card holders as do to the citizens of USA in terms of estate tax laws? let me clarify!!
As it stands today, unified gift exclusioon is 675k?
yes?


Does this apply to citizens and green card holders( to me) or not?

If it is less, can some one tell me how much less?

Next year- 2002, this exclusion grows to 1 million?
yes?- Will that apply to me(a green card holder)?

Also , if I own bank accounts( over 10K) in joint names with the right of survivorship with my younger relative,who is in school-college, does that became a gift( over 10K) even though that is not his money nad under my SSN and i pay taxes?

please anwser promptly and and provide your title- oa lwyer or ?

so does thsi apply to green card holders?

 

[loku]

Resident alien

Yes, the same law as that applicable to US citizens applies to all US residents, so you would qualify for the same credits and exclusions as a citizen (IRC Secs. 2001; 2010)l

If an individual uses his own funds to set up a joint bank account with another and is entitled to withdraw the entire amount without the second person's consent, a gift is made only when the second person withdraws funds from the account for his or her own benefit. (Reg. section 25.2511-1(h)(4)).

 

[neilwilson]

what about the person recieving the gift?
does he has to pay any gift , estate or inherritance tax ? the receivor is also a green card holder...

 

[loku]

There is no income or gift tax to the person receiving the gift, even if that person is a green card holder.

 

[neilwilson]

what about if the property-house, is held in two names -husband and wife, NJ?
if one party has passed away few years a go, and the property is in two names still, how does this apply to selling the property and giving away the property?