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Home / Tolley's Global Mobility: Personal Taxes /USA /US1 Overview of the tax regime in the United States /US1.3 Taxation of residents / US1.3.3 Federal Estate and Gift Tax (including the generation skipping tax or GST)
Commentary

US1.3.3 Federal Estate and Gift Tax (including the generation skipping tax or GST)


USA

The US operates an integrated system which captures all:

  1. Ìý

    •ÌýÌýÌýÌý lifetime gifts (Gift Tax)

  2. Ìý

    •ÌýÌýÌýÌý assets held at the time of death (Estate Tax)

  3. Ìý

    •ÌýÌýÌýÌý transfers of property which would otherwise avoid a 'layer' of transfer taxes by 'skipping' a generation. (GST)

These three elements of transfer taxation have the same global reach for a US citizen or resident (ie domiciliary), as the Federal Income Tax. Being within the scope of these taxes applies, irrespective of where the individual might

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