Photo by kwerfeldein

I got a call from my colleague just now who was approached by a family to advice them on estate duty issue as one of the member of the family has just passed away. Apparently this person held $3million worth of US shares in which the family did not know. Now that he is dead, the family was shocked to discover that they have to pay a hefty tax of more than a million to the US government!!

From my research HERE, 2009’s estate duty rate is 45% of the amount in excess of US$60,000. So the family members have to cough out $1.3 million. Goodness, how long does it take to work just to save this amount of money? Read more…