estate plan q's

[neilwilson]

some estate planing questions.

1. does the new and/or old law of lifetime exlusion( $675K-1 Million
dollars) apply to green card holders as well as to citizens of USA.
2.can a green card holder,adult, recieve, from a
parent, this money without any taxes-fed, state or any other?

3. does the person recieving have to place this money in some special trust
till the green card holder becomes a citizen of USA?

 

[loku]

The lifetime exclusion applies to gifts from anyone to anyone else, so it does apply to gifts to all people living in the US. Therefore, there is no tax of any kind on such a gift. The money does not have to be put in a special fund.

 

[neilwilson]

thank you!!!

also, i will apprecaite if anyone can anwser some q's in my following q's

thanks again

 

[ALawyer]

I am not sure the advice was correct -- in a death situation there is an unlimited marital exclusion ONLY if the assets going to a non-citizen are held in a QDT.

 

[loku]

ALawyer, that may be, but the question related to the Lifetime exclusion, not the marital exclusion.