Citizen you don't get 5 million  U.S. dollar tax exemption and it doesn't seem likely possible  to have an workaround for this (e.g. living trust)My dad, who is age 65, doesn't speak English ,invested about 7 million U.S dollar worth of property  in commercial and residential property(houses, stores, offices) , from his personal fund a few years ago, investment are doing fine  ,however,   recently  I discover that there  is no way for him to leave his asset to me after he passed away without an heavy tax because he is Chinese national, I asked with my dad's   accountant ,property manager, and Everwill , they have no clue how to solve this problem and Everwill told me the living trust will not able to help on estate tax if he is not a U.S. 

I will blow past 3 note exemption if I close all theses deals.

Then I would become the new partner together with my surviving parent, owning 50%-50%.When the 2nd of my parents passes away, and I get to inherit the 2nd half of the rental property, would again an exemption of $60k be applied on their 50% share of the partnership?

He wants to live in the property and I am looking for a way for him to be an owner occupant and get the homestead exemption. 

Are there exceptions/exemptions?

Your son would be the initial minority holder.Have your lawyer set up a strong operating agreement that will not only provide asset protection but also keep your son as a non decision maker even if his shares interest increase in the holding LLC, making you the one in control.Every year, gift tax free to your son more interest in the holding LLC (up to the gift tax exemption fair market value).This holding LLC will file a 1065 and issue a K1 to all members.

I’d recommend using your spouses for the second purchase so that, if not exempt, your VA funding fees will only be 2.15% for first-time use each time instead of bumping up to 3.3% for subsequent uses. 

Hello Everyone,I have a house under contract and was reviewing best practices for LLC's and conventional financing. My mortgage broker shared this information with me and I thought I would share:http://workshopmortgag...

As this is going to be my residence for the first 1-2 years, I will be going after homestead exemptions etc.

The 2018 Tax law discourages itemization by providing a bigger exemption and capping mortgage interest and SALT deductions.