What is the global inheritance tax and how does it work?

What is the global inheritance tax and how does it work?

Global inheritance tax refers to taxes imposed on the transfer of assets upon someone's death, varying by country.

Which countries have the highest inheritance tax rates?

Countries like Japan, France, and the UK have some of the highest inheritance tax rates, often exceeding 40%.

Are there any exemptions or deductions available?

Yes, many countries offer exemptions for spouses, children, or specific asset types, which can reduce the taxable amount.

How can one legally minimize inheritance tax?

Strategies include gifting assets during your lifetime, setting up trusts, and taking advantage of tax exemptions.

What happens if someone doesn't pay the inheritance tax?

Failure to pay can result in penalties, interest on unpaid taxes, and potential legal action by tax authorities.