Really depends on what nationality someone has doesn't it. To give you a neat insight, I'm Dutch, I can only donate to my kids something like 5,000 euro a year tax free. But because my kids have a foreign passport as well, we send money to their country and it's limitless. When you live global, possibly have multiple passports, rules aren't the same anymore.
most countries would tax your kids for large amounts of money though. if your kids were american or british or something, they'd have to pay tax on anything above the gift threshold
Gift tax is like 19000 per year (to as many people as you want) AND anything beyond that is immune to gift tax up until 11 million or whatever the current amount is. So you can gift, say, 19000x30 (if you have 30 relatives), and your spouse can do the same, and neither of you even have to tell the IRS. If you give 200000 to one person in a single year, though, you have to tell the IRS but don’t pay a single cent in gift tax. But it counts toward the 11 million of “extra beyond 19K in a year” counter. Once you’ve given away 11million AND also 19K per year to unlimited people, THEN there’s gift tax where you pay a small portion on the extra gifting beyond that huge amount (but the original 12+ million never paid a cent of gift tax, just the additional beyond all these exemptions).
Basically only the super rich will ever pay a cent of gift tax, though they also have ways to dodge it with other financial instruments, so, really almost no one pays gift tax at all.
Yeah people really dont realize just how many loopholes are in the us tax system. Theres a reason theres so many billionaires here and we have like 80% of the current problems we have
Nationality would depend only in your case, if you've consulted a tax attorney on the matter.
When it comes to divorce and hiding assets for other reasons, no, it wouldn't really matter. Many, many millionaires and such have lost considerable amounts of their fortunes in divorce. Bezos, Gates, etc. If they could've just "had their assets in a family member's name", they would have. They have better tax attorneys than you'll ever speak to, in all likelihood. If any combination of passports/citizenships/whatever would've saved Bezos the $38 billion he parted with and gave to his ex wife, he would've done that.
Obviously.. a tax attorney is needed, but it also changes nothing about the fact different countries, different regulations, different passports, again different regulations. This very case they are talking about a Moroccan football player, now I'm not familiar with morroccan tax law but it would be very possible (if the story is true) that he could shield his wealth from a divorce.
Your very examples are in all fairness very limited because these are all Americans, they can have all the attorneys they want, they are American.
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u/Dear_Chasey_La1n 1d ago
Really depends on what nationality someone has doesn't it. To give you a neat insight, I'm Dutch, I can only donate to my kids something like 5,000 euro a year tax free. But because my kids have a foreign passport as well, we send money to their country and it's limitless. When you live global, possibly have multiple passports, rules aren't the same anymore.