Greenberg Traurig, LLP has more than 2750 attorneys in 47 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI “Highly Recommended Law Firm” for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.
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The concept of domicile is key to determining an
individual's liability for US estate tax purposes.
The estate tax is imposed on transfers at death at a rate of
40%. On a statutory basis, if you're domiciled in the US at the
time of your death, all of your assets will be subject to estate
tax, regardless of their location. On a statutory basis, if
you're considered a non-US domiciliary, only assets located in
the US will be subject to estate tax.
A US domiciliary may transfer assets with a value up to $10
million, adjusted for changes in the cost of living, without paying
any estate taxes. This amount is $12.92 million in 2023 but will be
reduced to $5 million adjusted for changes in the cost of living on
Jan. 1, 2026.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.