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My parents have had their green cards for 40 years and their

three US citizen children are...
My parents have had their green cards for 40 years and their three US citizen children are to inherit their money and posessions. my parents have heard from another friend who has a green card that there may be problems for the US citizen children to inherit. what are the laws about this issue and where can i find it on the internet so i can show it to my parents. Thank you, XXXXX XXXXX
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Answered in 11 minutes by:
5/4/2009
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello chanta,

You are not really going to find anything in the IRS regulations which addresses your issue directly, and the reason for that is that there is no such thing in the US as inheritance tax at the federal level. There are a few states that still impose some form of inheritance tax.

As far as the IRS, instead of an inheritance tax, they impose an estate tax. If your parents are green card holders, they are subject to the same laws as US citizens, which means that their estate may be subject to estate tax, if it exceeds a certain limit.

Currently for the year 2009, any estate which exceeds $3.5 million in total value is subject to estate taxes. If your parents' estate is below that level, they would owe no estate tax. If it was above that level, they would owe estate taxes on the value which exceeded this limit. The estate taxes would be paid from the estate assets and then the balance of the assets would be distributed to the heirs without further tax being due.

http://www.irs.gov/businesses/small/article/0,,id=164871,00.html

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you chantal.

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified
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