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F E Smith
F E Smith, Advocate
Category: Law
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Experience:  I have been practising for 30 years.
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I am stuck in a probate situation (currently in its 17th

Customer Question

I am stuck in a probate situation (currently in its 17th month) which involves assets both here in the UK and liquid assets in the US. I'm hoping to avoid estate taxes on the US assets, as my parents did not earn them while in the UK, nor use them to live on while living in the UK. My father passed in 2009 and my mum passed last year. The only US money to be sent to the UK was about £35,000 in July of 2010 which my brother wired over to ensure my mum had adequate funds to live on. She didn't need the money, but it made us feel better knowing she had more than enough should any emergencies come up, as all of her children resided in the US.
The US monies fall into two categories: The majority is in a living trust established in the US on 31 October 1997 and the rest in a retirement plan called an IRA (individual retirement account).
Is there any way to avoid including the US monies in the UK estate?
Submitted: 1 month ago.
Category: Law
Expert:  Nicola-mod replied 1 month ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 month ago.
I appreciate your effort. I don't mind waiting for an answer.
Expert:  Nicola-mod replied 1 month ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  F E Smith replied 1 month ago.

Have you already looked at this link from the revenue

https://www.gov.uk/guidance/inheritance-tax-double-taxation-relief

are the asset subject to any tax or relief in the United States?

Can I clarify anything for you? Please rate the service positive so that I get paid. We can still exchange emails. Best wishes. FES.

Customer: replied 1 month ago.
The solicitor handling the probate here in the UK already gave me a printout of the HMRC code you gave me the link to. I'm looking for a definitive answer to my question.
In the US, estates are exempt from estate taxes if they are valued below $5,250,000 per spouse. Here it's much lower. About $280,000 is subject to income taxes, the rest is exempt from income tax and the total falls far short of the US nil band rate.
I'm asking if there's any rule/loophole that would allow us to claim the US assets exempt from British estate taxes?
Expert:  F E Smith replied 1 month ago.

I’m going to opt out of the question for another expert. Kind regards

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