Inheritance Tax (how to reduce it?)?

Question

My grandfather is about 80 now.

He used to be a very wealthy businessman in Korea. He's worth no less than 50-60 million dollar (at top 100 million). He's starting to think about giving out his fortune to my father and my two uncles. Is it possible to reduce the inheritance tax if he transfer the money to another country (for example Swiss Bank, U.S?). How much of it could my father gain of it after tax (he's the most favorite son, others aren't getting along with my grandfather).

Answer 1

With this kind of money, he needs to see an estate planning specialist. I don't know about transferring the money overseas, but I do know that he can set up trusts to help shelter the inheritance.  Also, there is a maximum amount that can be gifted in a year before it is taxed. I believe it is $10,000 per person. Which means, if your grandfather and father are married, that's $40,000 from one family to another.

Answer 2

From everything I have been hearing he must start giving it to whoever now, like say for Christmas present or something.   My father is going through same thing.   This is the only way without paying out your ...